If you’re struggling to repay your debts, combining your credit cards and unguaranteed debt into one single payment amount may help you get things back on track.
Usually, debt consolidation in Lincoln means enrolling in a debt management program. Your creditors must agree to a plan like this. Generally the card issuers reimburse your debt consolidation service directly. Of course, this helps to minimize the monthly fees for you. Debt consolidation may also refer to applying for a separate loan to repay what you owe.
Let us get you started with a trusted Lincoln debt consolidation agency.
The substantial rates of interest associated with credit card accounts can result in serious debt. Luckily, there are solutions available. Would you like to get out of debt more quickly, with reduced annual percentage rates and bank charges? Then you might want to enroll in one of the debt management plans in Lincoln, NE. These plans allow you to repay all the money you owe with just one monthly payment. The advantages are tremendous: decreased rates of interest, payments, and extra charges. Ordinarily your creditors start giving you these perks because it will cost them more money if you default. On top of that, DMP’s are one of the most affordable ways of consolidating debt in Lincoln, NE, just $25-40 each and every month.
Loans for debt consolidation are used to pay back your credit cards and other debts.
The main advantages of debt consolidation loans in Lincoln, NE, reflect those of a debt management plan, including combined monthly payments, fewer calls from collections agencies, and lower interest levels.
If you obtain a home equity loan, there may be tax benefits. Unfortunately, if you default on a loan like this, the loan provider could foreclose on your home.
Get in touch with a debt consolidation expert to see which debt consolidation option is right for you.
|Question||Debt Management||Consolidation Loan|
|One Payment Per Month?||Yes||Yes|
|Good Credit Required?||No||Yes|
|Lower Interest Levels?||Yes||Yes|
|Harmful to Credit?||No||No|
|Debt Collectors Stop Contacting You?||Sometimes||Yes|
|Must Have a Valuable Asset?||No||Yes|
|Risk of Foreclosure?||No||Yes|
|How Long?||3-6 Years||10-15 Years|
|Preferable to Bankruptcy?||Yes||Yes|
To determine which strategy is right for you, we recommend you speak with a qualified debt consolidation professional – for free!
Debt Consolidation vs Settlement in Lincoln (NE)
Debt consolidation and settlement are different ways to get out of debt. Unlike debt consolidation, debt settlement results in a percentage of your debt essentially being forgiven.
Below is a chart to help you determine if debt consolidation or debt settlement is best for you.
|Question||Debt Consolidation||Debt Settlement|
|Single Payment Amount?||Yes||Yes|
|Free Financial Counseling Offered?||Yes||Yes|
|Actual Debt Reduced?||No||Yes|
|Annual Percentage Rates Minimized?||Yes||No|
|Unfavorable Effect on Credit?||No||Yes|
|Collection Agencies Have to Quit Contacting You?||No||No|
|Valuable Asset Required?||No||No|
|Appropriate for Non-Federal College Loans?||Yes||No|
|Appropriate for Physicians Bills?||Yes||Yes|
|Suited to Community Property Debt?||No||No|
|Suited to Payday Loans?||Yes||Yes|
|Suitable for SMB Debts?||Yes||Yes|
|Can Lenders Sue You?||Yes||Yes|
|Better Than Bankruptcy?||Yes||Yes|
To find out which alternative would suit you best, make sure you chat with a specialist – it’s free!
Do You Need Debt Consolidation?
In a perfect world, approximately 33% of your monthly income ends up being devoted to paying down debt. These debts incorporate credit cards, loans, and rent or home loan repayments. If you earn $2,922 every month, the average for Lincoln residents, then, in a perfect world, you would spend no more than $1,081 each month. Lamentably, many Lincoln residents are in major debt, defined by debt-to-income ratios of 50% or more. That means they are spending more than $1,461 per month!
Of the 178,441 credit card holders in Lincoln, 19,628 can only afford to make the monthly minimums. You don’t have to be one.
- Consumer Credit Counseling Service Of Nebraska Inc, 1001 S 70th St, #200, 68510
- Credit Advisors, 2223 Vine St, #6, 68503
- Farm Credit Services of America, 3800 NW 12th St, 68521
- Farm Credit Services Of America, 855 Fallbrook Blvd, 68521
- Pimerica John Johnson, 235 N 70th St, #3, 68505
- ABC American Bankruptcy Center, 144 N 44th St, 68503
- A American Debt Consolidation, 330 S 10th St, #110, 68508
- Action Credit Advisors, , 68428
- Tenant Data Svc Incorporated, Po Box 5404, 68524
Debt Collection Agencies in Lincoln, NE
Sick and tired of being harried by Lincoln debt collectors? Debt consolidation often results in fewer debt collector calls, since you can ask that your lenders contact your consolidation agency directly.
- Capital Recovery Inc., PO Box 22815, 68542
- Medical Management Consultants Inc., 8101 O St Ste 114, 68510-2647
- National Account Systems of Lincoln, Inc., 770 N Cotner Blvd Ste 330, 68505-2377
- Professional Choice Recovery, Inc., 145 N 46th St Ste 6, 68503-3708
- The Collection Bureau of Lincoln, Nebraska, Inc., 216 N 11th St Ste 201, 68508-1401