During the current tough economic times, it’s not difficult to build up a lot of debt in many different forms. The use of credit cards with high interest rates, expensive mortgages, and auto or student loans can all mean high monthly payments that soon spiral out of control. If you’re in this situation, it’s time to learn about credit and debt consolidation programs. There are a variety of these programs available that can help you reduce your monthly payment burden, save you money on interest, or even sometimes reduce the total amount of debt that you have to pay back. An experienced debt management lawyer can help you choose an option that works well for you so that you can get your financial life back on track.
Types of Debt Consolidation Programs
The three most commonly used types of debt consolidation programs are debt settlement, debt consolidation loans, and nonprofit debt consolidation. In debt settlement, the amount of the debt is negotiated with the creditor or creditors to hopefully agree upon a more manageable total sum to pay off, and then monthly payments are made either directly to the creditor or to the credit counseling company handling the negotiations. Creditors will often agree to this if they believe there is no other way that they will recoup the amount of the debt.
A debt consolidation loan is simply a loan that is given to a debtor for the purpose of making one single monthly payment to the loan institution for the purpose of paying off all the debts. The loan is originated by a bank or credit union and usually involves paying less interest than would otherwise have been paid. A nonprofit debt consolidation company is one that will give you free counseling and then help you find a way to manage your debts. They’ll offer you different options and help you choose the best one for you.
Call to Schedule A Consultation With a Minnesota Credit and Debt Consolidation Lawyer Today
If you are interested in learning more about credit and debt consolidation programs, call to schedule a consultation with a Minnesota credit and debt consolidation lawyer today. The experienced legal staff at the Hoverson Law Offices, P.A. are dedicated to helping you find the best possible solution to your debt problems. With over thirty years of experience, we’re well equipped to help you get back on your financial feet. Visit our website at hoversonlaw.com or give us a call at 612-349-2728 and let us give you relevant legal and financial advice that truly meets your needs.
