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Debt consolidation in New Jersey: Loans or programs? Your best option

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How you can consolidate debt in New Jersey

Debt consolidation in New Jersey is available in 2 ways:

  1. Debt consolidation programs in New Jersey
  2. Debt consolidation loans in New Jersey
Debt consolidation Debt consolidation programs in New Jersey Debt consolidation loans in New Jersey
How the process works It is an affordable payment plan that helps you kick out multiple debts and save on the interest rate every month. It is a big loan secured against your asset. It helps to cover the amount you owe on unsecured debts.
Pros Lower monthly payments.
Affordable interest rates.
No additional fees.
One payment every month.
Reduced collection calls.
Single payment every month.
Lower interest rate.
No collection calls.
Cons 1. You can't go for lifestyle inflation until the plan is completed.
2. You can’t use credit cards you have consolidated.
3. You’ll get back to the original repayment plan if you leave the program midway.
1. You may lose your home or other assets.
2. You may not qualify for debt consolidation loans with a bad credit score and low annual income.
3. You may have to pay a lot more if the loan term is too long.
Tenure Usually, between 2 and 5 years. No fixed tenure. Can stretch to 25 years too.
Fees It varies from company to company. OVLG charges a flat fee on the total debt enrolled. You have to pay origination fee and late fees (when applicable).
Effect on credit score Your credit score goes up with time. Your credit score improves.

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Why should you consolidate debts in NJ?

The situation in New Jersey is very bad. It has the highest credit card debt in the country. Around 7 million people have more than $4000 credit card debt in their hands. Some of them are even carrying an average credit card balance of $9000. Studies show that 2.40% of consumers are delinquent on their credit cards and the total outstanding balance is more than $2 billion.

Being the state with the highest credit card debt is not a bad thing as long as New Jerseyans have high income and they can make credit card payments on time. The problem arises when people can’t pay credit card bills due to various reasons.

With the recent economic downturn after the COVID-19 outbreak, the whole nation is suffering financially. Loss of jobs and income have made a major impact on New Jerseyans. As such, they are facing a tough time in managing their credit card bills.

One of the best ways to tackle credit card debts is to take advantage of New Jersey debt consolidation programs. It is easier to pay just one bill instead of many, and that too at a lower interest rate.

Many New Jerseyans don’t even know that interest rates on credit cards or payday loans or an unsecured loan can be negotiated. Others think that creditors won’t agree to reduce rates.

Some creditors agree to lower interest rates when they see that consumers are in financial hardship and can’t make payments. Debt consolidation companies in New Jersey know how to convince creditors to bring down the unaffordable interest rates. Years of experience in the debt industry and knowledge help them to persuade creditors to cut down interest rates and forget additional charges.

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Where you can get the best debt consolidation help in NJ

OVLG has been offering debt consolidation services in New Jersey for more than 12 years. Its success record and live reviews from satisfied clients are enough to prove that OVLG is the best debt consolidation company in NJ.

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How much we saved for our clients

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How OVLG offers best debt help services in New Jersey

Consolidating your multiple bills into a smart and manageable payment plan with OVLG is the first step towards achieving financial freedom due to these 6 reasons:

  • 1 It consolidates your debts into an affordable payment plan
  • 2 It helps you manage payments smartly at moderate fees
  • 3 It helps to lower your monthly payments
  • 4 It deals with your collection calls
  • 5 It takes care of your debt issues
  • 6 It helps you track your debt progress 24*7

Know the other 12 reasons that make OVLG the best New Jersey debt consolidation company

Related Information
Feeling helpless in New Jersey? Don't worry!
We can help you

Call us at (800)-530-OVLG
To consolidate and pay off debt

New Jersey debt clock
Total state debt: $95,307,456,900
Debt per citizen: $10,668
Total credit card debt in NJ : $2.5 billion
Average balance on credit cards: $4000
New Jersey debt collection statute of limitations: 6 years

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Does OVLG consolidate all kinds of debts in NJ?

OVLG consolidates only unsecured debts in NJ as secured debts can never be resolved through this debt relief option. A few examples of unsecured debts are:

  • Credit card debt
  • Collection account
  • Payday loans
  • Medical bills

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When should you opt for debt consolidation programs in New Jersey?

  1. When you seek debt relief in New Jersey.
  2. When you care about your financial life.
  3. When you don’t have money to pay high-interests.
  4. When you don’t have the skill to manage several bills.
  5. When you want to save money.
  6. When you don’t want to handle collection calls.
  7. When you don’t want to pay additional fees.

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What should you do or don’t do while consolidating your debts in NJ?

Should do Shouldn’t do
Should ask for a written agreement plan. Shouldn’t pay upfront fees.
Should follow a budget to save money. Shouldn’t incur fresh debts.
Should track your progress. Shouldn’t pay money for invalid debts.
Should pay money on time. Shouldn’t leave the debt consolidation programs in New Jersey midway.
Should watch reviews of debt consolidation companies in New Jersey. Shouldn’t pay money without getting a repayment plan in writing.
Should check the statute of limitations period. Shouldn’t take out a consolidation loan if the tenure is too long.
Should ask questions to counselors if you have any doubt. Shouldn’t fall for impossible promises.
Should have patience. Shouldn’t try for secured consolidation loans first.

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3 Rules you need to follow in New Jersey debt consolidation

1 Don't pay too much: Calculate how much you've to pay for the debt consolidation fees. It doesn't make sense to pay too much on fees itself.
2Save every month:This debt relief option is good when you can save and make a single payment every month without any problem.
3Do homework: Research and find out a debt consolidation company that follows all the state and FTC laws. Find out if its clients are happy or frustrated.

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Is there any other way to consolidate debt in NJ?

Debt consolidation is not your last option in NJ. There are other debt relief options too, and these are:

Debt management: It helps you regain control over your debts through interest rate reduction and smart money management plan.

Debt settlement: It helps you get on a solid financial footing by reducing your outstanding balance and throwing away penalties.

Bankruptcy: It helps to solve your financial problems that can't be resolved by other options in New Jersey.

Related information

State Attorney General Phone Number: 973-504-6200
Public Service Commission Phone Number: (973) 648-7695; Toll Free: 1-800-624-0241

FTC Address:
Northeast Region Federal Trade Commission 1 Bowling Green New York, NY 10004.
FTC Toll Free:
877-FTC-HELP (382-4357)
FTC Website Url:
CFPB Toll Free:
CFPB E-mail:
CFPB Website Url:

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