Debt Consolidation in Utah

Are you a Utah consumer badly with too many debts? Then, consider a debt consolidation program get your finances back on track!

Debt consolidation allows you to combine several debts into a single loan that you repay at a lower interest rate. You can find a consolidation loan on your own, or get help from a Utah debt consolidation company.

How much can you save?
Monthly payment you can afford

Consolidating debts on your own

In order to consolidate your debts on your own, you need take out a low interest loan and pay off your existing bills. This simplifies your situation by leaving you with a single low interest payment every month.

What kinds of consolidation loans are available in Utah?

There are two types of loans:

  • Secured loans:secured loans require the borrower to put down some collateral like their house or car against the loan. Secured loans are generally available at lower interest rates and for more money than unsecured loans.
  • Unsecured loans:do not require collateral. In order to get an unsecured loan, the borrower must have a decent credit score in order to reassure the lender.

How a Utah Debt Consolidation Company can help you

If you are not confident that you can find the right consolidation loan by yourself, then why not enroll in a debt consolidation program offered by a BBB accredited debt consolidation company?

The Utah consolidation firms offer a wide range of debt consolidation programs to suit your needs. The consolidation programs these companies offer advice to their clients to spending wisely, organize their finances, and understand interest rates.

When you enroll in a debt consolidation program, you pay an upfront fee to the company for initiating the consolidation process then the company takes complete charge of your debt issues.

First the company's debt consolidation lawyers thoroughly assesses your debt situation and contacts your creditors asking them to stop all communication with you. They then negotiate with your creditors to eliminate late fees and over-limit charges that have accrued, and find you a lower interest loan, so that your monthly payments become affordable.

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If you are stuck up with any of the following debts, considering debt consolidation would be the best option:

  • Credit Cards Debts
  • Student Loans
  • Personal Loans
  • Medical bills
  • Payday Loans

How debt consolidation affects your credit score in Utah

Debt consolidation is the best among debt relief options in Utah to improve your credit score.

Debt consolidation does cause you to take out another loan that lowers your credit score a bit. However, as your defaulted accounts start getting paid off, your score increases. And as you pay off the consolidation loan, your credit score increases even more.

Debt consolidation tips

Handled properly, debt consolidation can be the best means to fix your credit score. It is very important for you to keep certain things in mind while in a debt consolidation program:

  • Do not to close your credit card accountsas soon as you pay them off, as it impacts your credit score.
  • Avoid taking out any new loans, while on a consolidation program, as it also decreases your credit score.
  • Make your payments on time,as timely payments improve your credit score.
  • Avoid balance-transfers, especially if you apply for a new credit card in order to take advantage of the introductory interest rates. If you fail to pay off the balance within the trial period, your interest rates increase, and could hamper your ability to pay on time.
  • Avoid frequent applications for credit cards, while in a consolidation program. Applying for a new credit card every six months opens up possibilities for new defaults.

Benefits of Utah Debt Consolidation

  • Lower interest rates.
  • Single monthly payments.
  • Freedom from creditor harassment.
  • Improved credit score.
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Other debt relief options

Debt consolidation is only one option to get out of debt. Many debt relief companies offer other debt relief options such as debt settlement and bankruptcy to help their customers. If you are not sure about debt consolidation, you can also try debt settlement or bankruptcy.

Related information

State Attorney General Phone Number: (801) 366-0260, (801) 538-9600, (801) 366-0300
Public Service Commission Phone Number: (801) 530-6651, 801-530-6716

FTC Address:
Western Region Federal Trade Commission 901 Market Street, Suite 570 San Francisco, CA 94103 Western Region Federal Trade Commission 10877 Wilshire Blvd., Suite 700 Los Angeles, California 90024
FTC Toll Free:
877-FTC-HELP (382-4357)
FTC Website Url:
CFPB Toll Free:
CFPB E-mail:
CFPB Website Url:

Last Updated on: Wed, 13 Dec 2017


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