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Debt Consolidation in Kentucky

Are you a Kentucky resident troubled with multiple debts? Are your debts spiraling out of control?

Then you can easily get rid of your multiple debts and look forward to a debt free life with Kentucky Debt Consolidation.

Debt Consolidation helps you to regain control over your finances by getting rid of your multiple debts and helping you restore your credit report.

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How do debt consolidation programs work in Kentucky?

Debt consolidation works best when you need to get rid of multiple debts. By consolidating your multiple debts you can reduce your monthly payments and the interest on your debts.

Debt Consolidation in Kentucky can be done in two ways:

1. Debt Consolidation Loans:

When you are consolidating your debts by yourself, opting for a consolidation loan is a preferable solution. Here you to take out a single consolidation loan at a low interest rate and use that loan to repay those debts that have high interest rates.

You can also ask your creditors to reduce your debt principal amount and interest rates. By replacing your multiple short term debts with a single loan you are relieved of the numerous debts that you had to pay earlier. With a debt consolidation loan you can also extend the time you have to pay your debt.

Moreover, by carrying out the process yourself you can also save the extra cost of hiring a debt consolidation firm.

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2. With a BBB accredited Debt Consolidation Company:

Dealing with the creditors is a difficult task as you need to be patient and competent in handling their tricky methods. They may not easily agree to your debt consolidation proposal.

Therefore it is advisable that you get professional help with a debt consolidation company/firm. These companies are well equipped with the knowledge you need to make your debt consolidation program successful and you can be ensured that you will get the best deal.

In Kentucky, if you want to get your debts consolidated with a debt consolidation company, remember to check out its accreditation with the Better Business Bureau (BBB).

The company will first analyze your financial state and work out plans that will benefit you. A debt consolidation attorney is then appointed by the company to work with your creditors on your consolidation plan or debt management plan. The lawyer convinces your creditors about your financial state and takes care of all the legalities. The company divides your monthly payment among your multiple creditors, thus clearing all of your debts in the process.

Moreover, your debt consolidation attorney notifies your creditors to stop all communications with you. Thus, the process is much more systematic and hassle free.

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Benefits of Debt Consolidation in Kentucky

Debt Consolidation in Kentucky is a favorable solution for those with multiple debts. Some of the advantages of a Kentucky debt consolidation program are:

  • Have to make a single monthly payment to the company instead of multiple payments to the creditor. It helps relieve the stress of handling many creditors at a time.
  • Interest rates are reduced when you take out a low interest consolidation loan to pay off other high interest debts.
  • All the late fees and penalties are waived off.
  • Puts an end to all creditor harassment calls and abuse as you pay down your debts.
  • With reduced interest rates you can pay off your debts fast.
  • Improved credit report.
  • Can avoid the ill effects of bankruptcy.
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Loans eligible for Debt Consolidation in Kentucky

The loans that are eligible for Kentucky debt consolidation are:

  1. Credit Card bills
  2. Personal Loans
  3. Student loans
  4. Mortgage Loans
  5. Medical Expenses

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How does Debt Consolidation in Kentucky affect your Credit Score?

In Kentucky, the effect of debt consolidation on your credit score is the same as that of the other states. When you first enroll you have a low credit score. However, as you make regular payments through the debt consolidation plan your credit score gets a steady boost.

In order to accelerate the process of debt consolidation you should also consider hiring a debt consolidation company that can take care of your accounts. The company appoints a debt consolidation attorney who will customize your plans according to your budget.

Even an exceptionally bad credit score can be improved with a successful debt consolidation program. If the program is carried out in a systematic way you can obtain a good credit report in a short time.

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Things to avoid while on a consolidation program in Kentucky

  1. Avoid any abrupt closure of accounts, especially the older ones that carry large credit limits and better interest rates.
  2. Avoid taking any new loans when you are already in debt as it worsens your situation.
  3. Do not opt for an expensive consolidation program as this will not be much of help.
  4. Do not enroll in a company that is not accredited with the Better Business Bureau (BBB)
  5. Check out the company's fees before they have looked into your accounts.
  6. Avoid stretching your accounts for a longer time period as it increases the cost of repayment.
  7. Do not use any balance transfers and it is nearly the same as incurring a new debts.
  8. Carefully check any documents provided by the company/firm before signing.

Related information

State Attorney General Phone Number: 502-696-5389, 502-429-7134; Toll Free: 1-888-432-9257, 1-888-432-9257
Public Service Commission Phone Number: (502) 564-3940

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:
CFPB E-mail:
CFPB Website Url:

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