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Debt Consolidation in Oklahoma

Are you an Oklahoma consumer having a tough time managing too many debts with different principals and varied interest rates? If you answer is a gloomy yes and you desperately wish you could find an easier way out then, debt consolidation might help you.

Debt consolidation is a useful means to simplify your obligations. It is a debt management option where you replace your several existing debts with a single loan that you pay off at a fixed interest rate spread over a long period of time.

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How to consolidate your debts in Oklahoma?

Debt consolidation operates the same way across the US.

You can consolidate your debts in Oklahoma with either a debt consolidation loan or you can enroll with an established debt consolidation company in Oklahoma and get your debts consolidated.

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How to consolidate debts with a debt consolidation loan in Oklahoma

Consolidating debts with a consolidation loan is by far the easiest and best possible way to simply your debts. What you need to do is take out a low interest loan, and then use the funds to pay off your existing obligations.

As you do away with your debts, you are left with a single obligation towards the low interest debt consolidation loan that you took out. Since the interest is considerably low, your monthly payments towards the loan will also get lowered, making it easier for you to pay off the loan.

Types of Consolidation Loans

Consolidation loans can either be secured or unsecured. Secured loans are borrowed against some collateral such as a house, a car, jewelry, or any other valuable item. Unsecured loans do not require any collateral.

Secured loans are more advantageous than unsecured loans. The collateral provision lowers the interest substantially and makes it easy for you to pay off the loan. So, if you own a valuable asset, you should for a secured loan to consolidate your debts.

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If you have considerable equity in your house, then you can apply for a Home Equity Line of Credit (HELOC). The more equity you have in the house, the less the interest you have to pay and the more you can borrow.

But, there is nothing to worry even if you do not have any asset to collateralize. You can still search for an unsecured low interest loan and consolidate your obligations.

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How does an Oklahoma debt consolidation company help?

If you do not have assets to collateralize or get a suitable interest rate on a consolidation loan, then the next best thing you can do is sign up with a bona fide debt consolidation company accredited by the Better Business Bureau.

When you enroll with a debt consolidation company in Oklahoma, the company will work on your debt issues in the following manner step by step:

  1. First, the company will review your debts and financial condition in order to get you enrolled in a program that is best suited to you.
  2. After you enroll in a consolidation program, the company's debt consolidation attorney will send a "cease and desist" and power of attorney letter to your creditors and notify them not to communicate you and that your debt issues are being handled by the company.
  3. Then, the company's debt arbitrator will negotiate with your creditors to waive off penalties, determine new lower interest rates, and new terms on your loans.
  4. After that, the company will devise a payment plan within your budget by applying the new loan terms new and the interest rates. It will require you to pay a fixed amount to the company each month.
  5. The company will use your payment to make the month payments to your creditors.
  6. The process will continue until your debts are paid off.

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Debt suitable for Oklahoma debt consolidation

If you are struggling to make payments on the following loans, then Oklahoma debt consolidation can be helpful:

  1. Credit Card Debts
  2. Private student loans
  3. Personal Loans
  4. Medical Debts
  5. Payday Loans

However, do not forget to learn about the credit card debt laws in Oklahoma whenever you set out to consolidate your credit card debts. It will not only protect you from debt consolidation scams but also help you enjoy the benefits of consolidation.

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How does Oklahoma debt consolidation affect your credit score?

Debt consolidation is one of the safest debt relief methods. Since it helps you pay off the total amount you borrowed, it affects your credit score minimally.

Your credit score temporarily gets lowered when you take out a consolidation loan or enroll in a debt consolidation program. But as your debts start getting repaid, you credit score begins to improve and gets you a good credit report.

However, it is very important that you be careful when you are undergoing a debt consolidation process. Here are certain tips that you should follow so you do not end up damaging your credit score:

  • Avoid closing your credit card accounts soon after you have paid them off. Otherwise, your credit score might be ruined.
  • Avoid new credit while you are in a consolidation program because new credit usually lowers your score.
  • Pay on time. Timely payments will improve your credit score quickly.
  • Avoid balance-transfer. Think twice before you decide to apply for a new credit card with a low teaser rate. If you fail to pay off the balance within the trial period, your interest rates will increase, and might get you in trouble.
  • Avoid applying for credit frequently, while you are in a consolidation plan. Applying for new credit will give rise to possibilities for new defaults.

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Benefits of Oklahoma debt consolidation

Oklahoma debt consolidation gives you the following benefits:

  1. Your debt issues get simplified with a single monthly payment.
  2. You get a lower interest rate on your payments.
  3. You get rid of creditor harassment.
  4. Your credit rating improves.

Related information

State Attorney General Phone Number: 405-521-3921, 918-581-2885
Public Service Commission Phone Number: (405) 521-2211

FTC Address:
Southwest Region Federal Trade Commission 1999 Bryan Street, Suite 2150 Dallas, TX 75201-6808
FTC Toll Free:
877-FTC-HELP (382-4357)
FTC Website Url:
CFPB Toll Free:
CFPB E-mail:
CFPB Website Url:

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