How To Get Out Of Payday Loan Debt

Benefits of Payday Loan Relief Help, Credit Card Consolidation, and Debt Consolidation Services from One Focus Financial.

Debt settlement and negotiating a lower balance to repay your debts has been around for years and wont stop in our lifetime for sure. Consolidating all your debts into one low monthly payment, having a knowledgeable advisor handle your accounts for you so they get them paid off and you save money, is a smart decision for many people.

Debt consolidation and payday loan relief programs take time, effort, budgeting, discipline, and a lot of work on someones part. If you are too busy with work, taking care of the kids, and living your day to day life.

Then hiring a payday loan relief company or a debt consolidation company to handle this large task for you is a smart decision. In this article we will point out the pros and cons to each debt relief program to help your determine the best option for your current financial situation.

Payday Loan Debt Relief - This program is designed for people that have more than two payday loans and can’t pay the balance off in full by the end of the week or month. Payday loan relief entails first setting up a comfortable repayment plan based on your current debt to income ratio, then contacting and negotiating settlements with each one of your payday loan lenders or collections agencies.

Typically a debt relief company can settle your accounts for 10-60% of the balance owed creating a large savings to the client and allowing them to not have to deal with the burden of collection calls, review all statements from each creditor to determine you were not over charged, reviewing the contracts you signed with the payday loan lenders to determine that the fees and interest do not violate the usury law in your state, which is often the case. If you are not well versed in this arena or don’t have the time to do all the work that is needed to be done to become debt free. Sign up with one of the payday loan relief companies.

Credit Card Consolidation - Debt Consolidation or debt settlement for credit cards, personal loans, installment loans and any other unsecured debts can save you thousands of dollars and years of monthly payments if resolved properly through a debt management program. You have two options with this program depending on your credit and financial situation. If you are making all on time payments on your loans or credit cards and have at least a 620 credit score or higher you should enroll in debt consolidation program.

Debt consolidation services will allow you to still make on time payments on all your loans or credit card just a reduced interest rate and fixed term. If you have some late payments and are struggling just able to afford the minimum payments on your credit cards and personal loans. Then a debt settlement program would be more suited for you. Debt settlement programs are typically 12-36 months long depending your debt amount and monthly payment. Debt consolidation programs typically lower your interest between 3-12% and have fixed terms of 12-60 months based on the debt amount and monthly payment.

We hope this information was helpful. One Focus Financial is here to provide debt relief and debt consolidation services that can enable to you to save money and get out of debt.