At Illinois Debt Consolidation, we could help you consolidate your debts into one payment each month. The word debt consolidation can be used to describe one of two totally different debt relief approaches:
- Debt Management Programs (DMPs)
- Debt Consolidation Loans
Why don’t we get you started with a trusted Charleston, IL debt consolidation agency.
Debt Management Plans (DMP’s): Charleston (IL)
The most common type of debt consolidation in Charleston, IL, entails the management of debt through a specialized program. These plans, normally associated with a credit counseling agency, let you pay off everything you owe through one easy payment amount, as well as cheaper interest rates, installment payments, and fees. Almost always your creditor begins giving you these perks following ninety days of on-time payments.
If you are looking for a credit card consolidation program in Charleston, IL, this is one of the most inexpensive solutions:
- Sign up: no more than $70
- Fee Every Month: $30-50
As you probably know, debt consolidation often involves obtaining a loan to pay down your credit lines with a more advantageous annual percentage rate. Supporters of debt consolidation loans point out a number of logical strengths, including consolidated monthly payments, hardly any calls from collections agencies, and cheaper APR’s. When you’ve got bad credit, this may not be the right solution, because exceptional credit is needed to obtain this kind of loan at interest levels that are sufficiently low. Is a debt consolidation loan best for you?
Many Charleston borrowers are trying to repay payday loans from more than one creditors. The stats are shocking:
- 1,278 people in Charleston secure at least one payday loan every year.
- 971 people in Charleston secure at least two payday loans per annum.
- 562 people in Charleston are delinquent on a payday loan.
That means nearly 50% of payday loan borrowers are struggling to repay their loans!
Have you found yourself past due on one or more payday cash advances? No worries, there are a payday loan consolidation firm in Charleston, IL, that can help you consolidate your Charleston payday loans with a smaller monthly payment, handle calls from debt collectors, and bring down the extortionate interest charges on these types of loans. Hoping to consolidate your payday loans?
Assessing Your Debt: Charleston, IL
If at all possible, approximately 33% of the income you earn per month ought to be devoted to repaying what you owe. This encompasses ones that are secured and unsecured:
- Credit Cards
- Auto, College, and Payday Loans
- Home Loan Payments
Let’s consider what this means for the average consumer in Charleston, IL:
- Annual Income: $28,034
- Per-Month Income: $2,336
- Optimal Debt Load: $841
- Excessive Debt Load: $1,168
If your debt to income ratio is over 50%, you should speak to a debt consolidation specialist in your area.
Debt Consolidation Agencies in Charleston, IL
- IL Debt Consolidation Company? Email us for a Free Listing!