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Debt Consolidation in Wisconsin

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How Debt Consolidation works in Wisconsin

With a debt consolidation program in Wisconsin you can reduce your monthly payments, late fees and become debt free while restoring your credit score.

Consolidation programs in Wisconsin work like programs in other states. After you enroll with a debt relief company affiliated with the Better Business Bureau (BBB), the company analyzes your financial situation then suggests a debt relief program that will work for you.

Then one of the company's attorneys works on your behalf to negotiate with your creditors and find you the right consolidation loan.

By taking out a consolidation loan you can easily consolidate all your multiple debts into a single monthly payment. By handling it yourself you can even save a considerable amount of money.

There are two types of loans that work well for debt consolidation, secured and unsecured loans. Secured loans require you to put up an asset like your home or car as collateral. If you default on a secured loan the creditor may seize the asset as repayment. Unsecured loans are not secured by any collateral, but usually have higher interest rates.

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Benefits of a Wisconsin Debt Consolidation program

There are a numerous benefits of consolidating debts in Wisconsin. They are:

  • Single Monthly payments.
  • Reduced interest rates.
  • Late fees/extra charges and penalties are reduced or eliminated.
  • No more harassing calls from creditors.
  • Time for repayment is reduced.
  • Positive impact on your credit score.
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Which Loans are eligible for Debt Consolidation?

The loans that are applicable for debt consolidation in Wisconsin are:

  • Credit Card loans
  • Medical bills
  • Personal Loans
  • Mortgage Loans

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How Wisconsin Debt Consolidation affects your Credit Score

In Wisconsin the effect of debt consolidation is no different from that in other states. When you enroll in a debt relief program your credit score is already low. Once you start making payments under your debt relief program your credit score improves.

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Things to avoid while in a Consolidation Program in Wisconsin

  • Closing down your credit card accounts: Closing down your accounts just after you have finished paying them off will have a negative impact on your credit score. The impact on your credit score will be worse if you close your older accounts.
  • Incurring any new debts: While in a debt consolidation program in do not incur any new debts. Try to pay for purchases with checks, cash, or debit cards.
  • Avoid any Balance Transfers: Balance transfers have a negative impact on your credit score and increase your debt due to transfer fees and increased interest rates.
  • Avoid having multiple credit cards: The more debt you have the longer it will take for you to become debt free.
  • Unlimited spending: Spending beyond your means can lead to serious financial hazards. It can be one of the fundamental reasons that may lead to bankruptcy.

Related information

State Attorney General Phone Number: (608) 266-1852, 1-800-998-0700
Public Service Commission Phone Number: (608) 267-9780, (608) 266-2001, (608) 266-5481, 1-800-225-7729

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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