Bad Credit Loans -- Ohio
Are you in debt with several months of overdue payments to make, desperately looking for solutions, and considering applying for a loan? If so, you and many Ohio residents and other people across America are facing high interest credit debt and wondering where to turn for help.
Even if your credit rating has dipped down and bills are piling up, there is good news -- help is available. Others have gotten back on their financial feet with these popular debt relief options -- debt consolidation through a credit counseling agency, debt settlement, loans, or even bankruptcy.
To see if you qualify for debt relief without a loan and to see how much you can save, request a free debt relief analysis and savings quote today.
This brief overview can help you see what your options are:
Often, debt can become overwhelming when you are confronted with high interest rates and numerous bills and payments month after month. Through a process called "debt consolidation" in which you are combining, or consolidating credit card debts into one, planned, and easier to manage payment made to a credit counseling agency, you could make paying off your debt simpler and faster.
Another relief option is called "debt settlement." This process is designed to offer consumers who are saddled with larger debt burdens, a way to settle, or negotiate and therefore to pay much less to their creditors than the original debt owed.
The loan consolidation method combines high-interest credit card debts into one, lesser or reduced interest loan. It may, on the surface, sound like a path out of your mountain of debt, but if you've been searching for such things as "loans for people with bad credit," you may prefer other debt relief options that offer greater savings and less risk.
Can You Avoid Bankruptcy?
In these challenging days of financial uncertainty, mounting debts have left a lot of people seeking relief and wondering if they can avoid bankruptcy. "Debt consolidation" and "debt settlement" have offered many in debt a reasonable alternative to bankruptcy. Though bankruptcy promises consumers a new start, it can more extensively and negatively influence your credit rating and for a longer term.
To see if you qualify for debt relief without taking a loan and to see how much you can save, request a free debt relief analysis and savings quote today.
How Can Debt Consolidation Help You?
Debt consolidation (also called a debt management plan) is a trusted debt relief option that is used widely and has assisted many consumers. If you find yourself facing bad credit and overwhelming debt, you may need a more comprehensive and controlled means of getting out of debt. For the most part, debt consolidation brings together or "consolidates" all your debts -- such as credit cards, and various types of unsecured debts. These could include utility bills, medical bills, or charges from department store cards. By consolidating many debts into one, lower interest monthly payment made to a credit counseling agency, the payment process can become more simple and more affordable.
Are you considering enrolling in a debt consolidation program? If so, often times you will receive a credit counselor one-on-one consultation. Your counselor should look at your finances, income, and total debt amounts and make an accurate assessment of your financial circumstance. Then, they can come up with an amount that you can comfortably put aside every month to pay off your various debts. Your debt counselor's goal should be to design a payment plan that is more affordable and lenient for you. Generally, credit counselors make proposals to your creditors (on your behalf) negotiating to get you lower interest rates, and/or the waiving or dismissal of any late fees or penalties.
Those creditors who agree to your credit counselor's proposals become a part of your debt management payment plan. It's helpful to know that the purpose of debt consolidation is to make your payment more affordable. Having one simpler monthly payment can be easier and less stressful. Plus, you can in effect, pay off more of the principal of your debt rather than only paying down the interest. Reducing debts more quickly through consolidation, instead of paying higher interest rates on monthly credit card and other bills has assisted many out of their debt.
Do Bad or Poor Credit Loans "Pay Off Debts"?
More and more consumers have watched as their credit plummeted from good to bad -- through no fault of their own. Because of a poor economy, job loss or unexpected medical expenses many hope that taking out personal loans will help them pay off their credit card debts. Often, this hope is not realized because a debt consolidation personal loan, while joining together your high-interest credit card and unsecured debts into a single, reduced interest loan, may actually exacerbate your financial problems.
Getting debt consolidation loans is very different from and potentially riskier than debt consolidation (through credit counseling). If you use a consolidation loan to pay off your unsecured debts, you are putting "secured" assets such as your home in jeopardy because they are used as collateral or security on the loan.
If this kind of risk is worrisome to you, then debt consolidation through credit counseling may offer you more peace of mind and a viable way out of debt without the pressures typically associated with loans that are gotten for bad credit problems.
As mentioned before, a "debt consolidation loan" may sound the same as "debt consolidation through credit counseling" but even informed consumers can be confused by the difference between the two. Consolidation loans, typically, increase your liability. Added to that, the majority of consumers in debt are already heavily dependent on their credit cards. The outcome is that now they have a loan in addition to new high-interest credit card bills which can make it harder to keep from sinking deeper into debt.
If like many people, you are confused about which debt relief options to choose from, such as debt consolidation or taking personal loans or credit card debt consolidation loans, an important consideration is how comfortable you are with increased risk. Loans usually increase your risk which even the most disciplined consumers may not be able to manage.
However, debt consolidation through credit counseling could offer you a simpler and clearer way to consolidate your high-interest debts into a single, easier payment. You could also find that your payment plan's manageability reduces both your stress and your debt because you are paying off debts quicker -- which can also help you out of bad credit.
To see if you qualify for debt relief without a bad credit loan, request a free debt relief analysis and savings quote today.
Can Debt Consolidation Lead to Savings?
Debt consolidation could save you money which is why it is a preferable means of debt relief for a number of consumers. For those who are able to monitor their spending and can put away credit cards, debt consolidation can be a refreshing path to lowering debts while saving money.
How much could debt consolidation help you save? To determine this amount, credit counselors request a more lenient payment plan from your creditors, who if they agree, offer various reductions. As part of the agreement, you need to maintain the available monthly funds in your repayment account that the credit counseling agency sets up for you and draws monies from to pay your creditors.
Understanding how much you can possibly save every month when you enroll in a debt consolidation or debt management plan, is an important incentive. Savings will vary from person to person so, calculating your savings first will help you decide which debt relief method best suits you. What factors influence your savings amount?
- The total amount of your debt
- Your current interest rates
- Types of late fees or penalties you have
Fortunately, if you want to pay off, manage, and lower your credit card and unsecured debts, you can start today by exploring what debt relief can do for you and your family.
Compare your debt relief options now by answering a few questions to get your free debt relief analysis and savings estimate. Start today!
How Does Debt Settlement Save?
Debt settlement is a relief method that has solved many consumers' debt problems -- even those with bad credit who have substantial financial difficulties.
Why choose settlement over other debt relief options? Debt settlement can substantially reduce the amount of debt you owe. This sounds good. However, first you should know the potential downsides before choosing debt settlement. As you begin the settlement process, you are often counseled to stop paying your credit cards bills. The monies you would have used to pay credit cards you will let accrue over a period of time. This accumulated money can then be used to make a reasonable settlement offer to your creditors.
Of course, when you stop paying credit card companies, there is the possibility of being sued because you are in essence, defaulting on the terms of your credit card agreements.
One more thing to consider is, when settling with a credit card company, your good credit will be negatively impacted and you will probably see credit scores go down. Despite how debt settlement can lower your credit scores, it has a much less severe and shorter impact than bankruptcy.
The bottom line is, even if your debt problems seem like they're going from bad to worse, before you take out a loan, (such as bad credit installment loans, loans for poor credit or personal loans) remember there are many reasonable debt relief alternatives and options to help you regain control of your finances -- such as debt consolidation or debt settlement.
Begin today by finding out how debt relief can help you by getting a free debt relief analysis and savings estimate - at no obligation to you.