Looking for help with debt relief in Pasadena Texas? Here’s why youshould consider debt consolidation – and whether you might be a good candidatefor it.
What Exactly is Debt Consolidation?
As you might have guessed from the name,debt consolidation is a process that allows you to consolidate all of your debtinto a single sum. This gives you the chance to make a single, manageablemonthly payment, rather than repaying each amount at different times throughoutthe month.
Are You a Good Candidate for DebtConsolidation?
Now that you have a better understandingof debt consolidation in Pasadena, youmay be wondering if it is the right move for you. There are a few things toconsider before you make the decision to pursue this debt relief option, chief among them being whether you have the means to repay your debt.
This doesn’t mean you have to be able topay all of your debt off now. In fact, the inability to repay your totaloutstanding debt is one of the markers for someone who is a good candidate for Debt Relief in Texas in Pasadena. However, once yourrepayment terms in a debt management plan are negotiated, you need to be able to make the monthly payments you agree to.
The other option if you have excellentcredit scores and good income is a debt consolidation loan. You will have theconvenience of one payment with a lower rate and it should not affect yourcredit score. It may even improve it.
If you are still looking for work afterlosing a job or might suffer from a reduction in wages in the near future, debtconsolidation might not be the best option for you. It is important to rememberthat this process does require you to repay your outstanding debt in full, lessinterest rate reductions offered by your creditors.
You may also want to talk to your TexasDebt Specialist or credit counselor about potentially undergoing debtsettlement, instead. This process negotiates each outstanding debt total withyour creditors and gives you the chance to potentially lessen your overall debta substantial amount. How much of a reduction you stand to see will vary from case to case, though, so be sure to talk to your credit counselorabout whether this option is right for you. programs can be much more affordable compared to a debt consolidation loan or credit counseling debtmanagement plan and may be able to resolve the debt in as little as 24 to 48 months.
