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Debt Consolidation in New York

If you are overwhelmed with multiple debts and are looking for a way out of your financial crisis, then your search ends here. Debt consolidation programs in New York are customized according to your needs. It aims at getting you debt free and restoring your credit score.

In New York there is a wide variety of debt relief programs that can help you get out of debt. Depending upon the type of financial crisis you face, you can always find the right solution to your problem. If you have multiple debts, then perhaps New York Debt Consolidation program is the best option for you!

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How New York Debt Consolidation works

New York Debt Consolidation allows you to consolidate your multiple debts into a single monthly payment. By paying back your debts in a single payment you reduce the amount of interest on your loans. Your high interest rates are replaced by lower interest rates, which will restore your credit card score.

If you choose to consolidate your debts with a debt consolidation attorney, the process will be accelerated. The debt consolidation lawyer will contact your creditors and will negotiate with your creditors to ensure you get the best deal.

There are two ways to consolidate your debts:

  • Consolidating the debts by yourself: All you have to do to consolidate your debts yourself is to take out a low interest consolidation loan from a bank and use the loan to pay back your multiple high interest debts. You then pay back the consolidation loan.
  • Enrolling with a debt consolidation company/firm: If you are not comfortable finding a consolidation loan by yourself, then you can get help from a debt consolidation firm.

The debt consolidation company analyzes your financial situation, and then suggests a suitable way out. One of the company's attorneys negotiates with your creditors to reduce or eliminate interest, penalties, and late fees, then finds the consolidation loan that is right for you.

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Which debts can be consolidated?

  • Personal loans
  • Medical expenses
  • Credit cards bills
  • Emergency travel allowances.
  • Personal expenses

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Benefits of Debt Consolidation loan in New York

  • You can pay your bills at a reduced interest rate.
  • Multiple bills can be replaced with one payment.
  • Creditors will not harass you anymore.
  • Your credit score increases.
  • Late fees and over limit charges are reduced or waived off.

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Things you should remember while in a consolidation program

  • Check the affiliation of the company with Better Business Bureau (BBB) and other state authorities.
  • Conduct market research before selecting a particular loan or company.
  • Check out the credit card laws in your state before selecting a particular credit card.
  • Beware of any hidden cost or loopholes.
  • Keep track of your monthly payments and interest rates so that you do not default on payments.

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How Debt Consolidation in New York affects your credit score

Enrolling in any debt relief programs affects your credit score. Debt consolidation has the least impact on your credit score when compared to other debt relief programs.

As you make regular payments on the debt consolidation loan your credit score starts improving. Once you are done making payments and your accounts are settled, your credit score increases even more.

If you consolidate your debts by yourself then you save a considerable amount of money, but if you enroll with a New York debt consolidation attorney the process will be sped up and you will be free from creditor harassment.

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Things to avoid while in a Consolidation Program in New York

  • Closing your current accounts has a negative impact on your credit report.
  • Avoid incurring any new loans and balance transfers.
  • Budget your expenses and income.

Related information

State Attorney General Phone Number: 518-474-8583, 518-447-7581, 516-571-2600, 845-360-6700, 845-808-1617, 845-708-7600, 518-356-7473, 914-995-2155, 518-783-2790, 914-665-2433, 212-639-9675, 914-377-3000; Toll Free: 1-800-697-1220.
Public Service Commission Phone Number: (212) 590-2424, (518) 474-1668

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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