Greenpath Financial Wellness - Debt Counseling Services now available in NC - limited period only thumbnail

Greenpath Financial Wellness - Debt Counseling Services now available in NC - limited period only

Published Jan 07, 23
4 min read

Survey: Debt Consolidation Pays Off For 69% Of Borrowers in Frisco-Texas

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When you’re struggling with overwhelming debt, consolidating your payments can be a lifesaver, if done right. Here are some benefits of a debt consolidation loan, which is a type of unsecured personal loan: Juggling multiple payments and due dates can be challenging (On-site Hydraulic hose repair Newcastle). A debt consolidation loan streamlines your debt into a single monthly payment, which can be easier to budget for.


If you have poor credit, qualifying for a low-interest personal loan to consolidate debt may be challenging. Borrowers with good credit (or better) will have access to the best loan options and lowest interest rates. However, some lenders work with borrowers with bad or limited credit. You’ll typically have a higher interest rate for your loan or have a smaller loan limit if you have poor credit.

With a balance transfer credit card, you may be able to get a 0% interest introductory offer for a set period. If you can pay down the balance before the introductory offer expires, you can focus on putting more money toward your debt. But if you still have a balance when the intro offer expires, you’ll start accruing interest at the card’s regular rate, which can be high.

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It may be easier to qualify for a debt consolidation loan, but you’ll need good credit to qualify for the best rates. If you’re having trouble getting approved, consider applying for a personal loan with a cosigner who has good credit. Just make sure they understand they’ll be on the hook for making payments if you aren’t able to.

If you can’t take out a debt consolidation loan — or are looking for another option to simplify your current debt repayment — consider these alternatives:If you have equity established in your home, you can borrow against that with a home equity loan, home equity line of credit (HELOC) or a cash-out refinance (Hydraulic hose replacement Newcastle).

If you're ready to get prequalified for a debt consolidation loan, visit Credible to compare rates from multiple lenders, all in one place..

One popular way people pay off debt is to use the equity in their homes. Home equity loans and home equity lines of credit (HELOCs) let borrowers use their homes as collateral in exchange for financing. Just be sure to factor in the risks if you’re considering this option. The lender can seize your home if you can't make the payments.

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Those unsure of their ability to maintain the monthly payments. : Home equity loans and HELOCs may offer lower rates than debt consolidation loans, though they come with more risks, since your home is used as collateral. Debt relief services, commonly referred to as debt settlement companies, offer another way to deal with your debt if you can’t qualify for a consolidation loan.

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If you decide to pursue debt relief services (perhaps as an alternative to bankruptcy), be aware that the fees these companies charge can be steep. Take your time to fully research fees, reviews and other details before applying. It’s also wise to compare multiple debt relief companies before you commit.

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Those with a thin credit history or less-than-stellar credit score (Hydraulic hose replacement Newcastle). Unlike debt consolidation loans, debt relief services aim to eliminate some of your debt without you having to pay it. With that said, pursuing debt relief is a risky move, and it can damage your credit score. Another option that can help you get debt under control is credit counseling.

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In addition to debt counseling, these companies may offer a service known as a debt management plan, or DMP. With a DMP, you make a single payment to a credit counseling company, which then divides that payment among your creditors. The company negotiates lower interest rates and fees on your behalf to lower your monthly debt obligation and help you pay the debts off faster.

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You may have to pay a setup fee of $30 to $50, plus a monthly fee (often $20 to $75) to the credit counseling company for managing your DMP over a three- to five-year term. Borrowers who need help structuring their debt payments. Those with little wiggle room in the budget.