Debt Consolidation in Indiana
Indiana has a wide array of debt relief services for its consumers, bogged down with burden of hefty personal debts. Of these, debt consolidation and debt settlement are the two most popular programs people usually opt for when faced with debt blows.
If you find yourself in a muddle of unsecured debts that is causing you to make too many monthly installments, a good debt consolidation program would be the right thing for you in Indiana.
Table of Contents
How to consolidate debts on your own
Debt consolidation here in Indiana allows you to get rid of your numerous debts in a single payment every month.
Indiana offers different kinds of consolidation options to suit your specific needs. You may get your bills consolidated by yourself, or seek help from a consolidation company.
If you feel you can handle your debt problems yourself, here are your options:
- Take out a Consolidation Loan: You may take out a debt consolidation loan against some collateral. Usually consolidation loans are available at an interest rate much lower than the average rates charged by other creditors. Once you get the loan, pay off your existing debts with the money. Then you are left with a single payment every month. It is an easy procedure!
- Resort to Balance transfer: It is another effective self-help option for you to consolidate your debts.
All you need to do is take out a credit card having a teaser rate of 0% for a period of about 12-15 months. Then transfer all your balances from other cards onto the new card and pay the new card off.
It is advisable that before you apply for an interest-free card, you assess your finances and ensure you will be able to pay off your debts within the introductory period. Once you are through with the zero-interest period the rates may rise drastically, making it virtually impossible for you to pay back the huge balance.
If you can manage your payments within the introductory period, transferring all your balance into the low interest card will ensure affordable interest-free repayments.
Back To IndexFeatures of Debt Consolidation programs in Indiana
- Ensures repayment at a lowered interest rate, sometimes as low as 50%.
- Eliminates debtor harassment by creditors.
- Ideal for debtors steeped in unsecured debt amount of $15,000 or less.
- Budget friendly.
- Allows you to pay off your debts within a feasible time span.
Why hire a consolidation firm in Indiana?
If taking charge of the entire consolidation process on your own seems a little difficult, the best way is to hire a BBB affiliated consolidation firm to handle your debt issues.
Indiana debt consolidation companies accredited by the Better Business Bureau offer you the best guidance throughout the consolidation process to help you simplify your finances.
As you start with a program, the debt consolidation lawyers at the company will thoroughly evaluate your financial situation. Depending on your situation, he/she will suggest a consolidation plan that suits you. Once the plan is agreed on, the lawyer negotiates with your creditors regarding curtailment of interest, elimination of late fees, and over-limit charges.
Also, they devise a long term consolidation policy to reduce your monthly payment installments. All you need to do is make a single monthly payment to the company, and then the company will disburse the money to your creditors, liberating you from the load of lump-sum debts.
Since these programs essentially aim at reducing your debts, you can save substantial amounts by opting for an effective debt consolidation process.
Back To IndexCredit Score Consequences
Debt consolidation will affect your credit score in Indiana, just as it affects other debtors nation-wide.
Related information
FTC Address: |
Midwest Region
Federal Trade Commission
55 West Monroe Street, Suite 1825
Chicago, IL 60603 |
FTC Toll Free: |
877-FTC-HELP (382-4357) |
FTC Website Url: |
CFPB Toll Free: |
1-855-411-2372 |
CFPB E-mail: |
info@consumerfinance.gov whistleblower@consumerfinance.gov |
CFPB Website Url: |
Updated on:
