Payday loans – Payday Loans And Beyond http://paydayloansandbeyond.com/ Thu, 29 Sep 2022 20:45:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://paydayloansandbeyond.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Payday loans – Payday Loans And Beyond http://paydayloansandbeyond.com/ 32 32 Why should you get a debt consolidation loan now https://paydayloansandbeyond.com/why-should-you-get-a-debt-consolidation-loan-now/ Thu, 29 Sep 2022 20:45:28 +0000 https://paydayloansandbeyond.com/why-should-you-get-a-debt-consolidation-loan-now/
Debt Consolidation Approved Form Shows Agreed Loan Approval - 3d illustration
Debt consolidation loans allow borrowers to combine their debts into one loan with a lower interest rate.

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No one likes to pay more than their fair share. Whether you have a mortgage, student loan, Personal loan or any type of insuranceit is important not to overpay.

For borrowers in debt, this is particularly important. If you end up with a high interest rate, it will be that much more difficult to pay what you owe and the outstanding balance can quickly become prohibitive.

Fortunately, consumers have debt consolidation loan options. Debt consolidation loans allow borrowers to combine their debts into one simple loan with a lower interest rate. The advantages of this unique financial option are multiple and significant.

If you think you could benefit from a debt consolidation loan, act now and start saving money.

Here are three reasons why you should get a debt consolidation loan now.

You want a lower interest rate

This is arguably the best reason to get a debt consolidation loan. By consolidating your debts into one loan with a lower interest rate, you can start saving money right away. But you will also save significant sums in the long run, as the loan will be adjusted into a more manageable sum.

This is especially useful for those with high interest credit cards. The average interest rate on a 24-month personal loan was 8.73%, according to recent data from the Federal Reserve. Compare that to the average credit card interest rate of 16.65% – almost double!

Check the rates you currently have. Then compare the rates to a debt consolidation loan. Getting started today is easy.

You want to improve your credit score

Your credit score affects so many aspects of your financial life. If you’ve put yourself in a hole with credit cards or other debt, you’ve probably damaged your score, making it harder to get better rates in the future.

A debt consolidation loan helps solve this problem by bringing all your debts together under one roof. After a series of one-time payments on the loan (and assuming you don’t accumulate debt elsewhere), you will begin to improve your credit.

Lenders like to see regular, on-time payments. You may be doing this now with one or two of your debts, but are you doing this with all of them? However, if you combine them into one debt consolidation loan, you will be able to make payments more easily and boost your score In the process.

You want an end date

One of the most frustrating things about being in debt is that you feel like you’ll never get out of it. This is especially true for credit cards where there is no real time limit (except for making a minimum payment). Borrowers can get themselves under water by paying only their minimum monthly card debt – all while the high interest on their cards adds up.

With a debt consolidation loan, however, there is a fixed repayment date so the borrower knows exactly when they can stop paying. So even if the debt you have consolidated is significant, you will at least know when it will be eliminated.

Get a free consultation and see if a debt consolidation loan is right for you.

Other Debt Relief Alternatives

If you are currently in debt, there are options other than debt consolidation loans to consider.

Credit cards with balance transfer work the same way and can also help you save money. Refinancing by collection (and mortgage refinance in general) may also be beneficial. Older homeowners can also get money to pay off their debts with a reverse mortgage.

Do you have other questions about debt consolidation loans? Want to explore all of your debt relief alternatives? Speak with an expert now who can help you.

]]> 4 reasons to take out a personal loan for debt consolidation https://paydayloansandbeyond.com/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/ Wed, 21 Sep 2022 12:56:13 +0000 https://paydayloansandbeyond.com/4-reasons-to-take-out-a-personal-loan-for-debt-consolidation/

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you’re juggling high-interest credit card debt, taking out a debt consolidation loan to pay off those balances offers 4 major benefits. (Shutterstock)

You can consolidate high interest credit card debt many ways, including home equity products (if you own a home), balance transfer credit cards, and personal loans.

Here are four reasons why you might want to consider a debt consolidation loan to settle your high-interest debts.

If you want to consolidate your debt, Credible makes it easy to view your prequalified personal loan rates from various lenders, all in one place.

What is debt consolidation?

Before we dive into why a debt consolidation loan makes sense, let’s define what it is. Debt consolidation consolidates multiple debts into one account with one easy-to-manage payment. It’s a strategy you can use to simplify the debt repayment process and potentially save money on interest. If you are overwhelmed with debt, debt consolidation can be a smart move.

Although you can consolidate your debts in several ways, the personal debt consolidation loan is one of the most popular. With a debt consolidation loan, you take out a new loan to repay one or more unsecured debts that you already have. It gives you a manageable monthly payment so you don’t have to worry about juggling multiple debts, interest rates, and payment due dates.

It’s important to understand that while a debt consolidation loan can treat the symptoms of your financial problems, it won’t treat the root cause. Think of it as a tool to give yourself some breathing room so you can get back on your feet and devise a long-term plan for a better financial future.

ADVANTAGES AND DISADVANTAGES OF DEBT CONSOLIDATION

1. Reduce the overall cost of your debt

A Personal loan can help you reduce the cost of your debt in two ways. If you’re able to lock in a lower interest rate than you currently have on all of your debt, you can save hundreds or even thousands of dollars in interest.

Plus, a personal loan gives you a specific end date for paying off your debt. It can help you stay focused on your goals and pay off your debt faster.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

2. Refinance your debt without risking your home or other assets

Although home equity products – such as home equity loans and home equity lines of credit (HELOCs) – may come with lower interest rates than personal loans, they have some disadvantages you should consider:

  • Deplete your home equity — Because a home equity loan relies on the value you have built up in your home, you can find yourself underwater on your mortgage and owing more than your property is worth if the value of your home decrease. This could be a serious problem if you are planning to move soon.
  • Put your home at risk — A home equity loan puts your home as collateral. If you fail to make your payments, you could lose your home through the foreclosure process.
  • May not qualify — Most lenders will not give you home equity loan or HELOC unless you have some equity in your home. Your equity is the difference between what you owe on your mortgage and the current value of your home. Although each lender has their own criteria, most will be looking for at least 15% equity.

A debt consolidation loan, on the other hand, requires no collateral, which means you won’t have to put your house, car or other assets on the line. You can also lock in an interest rate below the one you could get with a credit card.

Your rate will likely be fixed instead of variable (as it would be with many HELOCs), so you can budget your payments in advance. And if you have good or excellent creditit may be easier to qualify for a debt consolidation loan than a home equity product.

3. Reduce your monthly payments

If you have a lot of high-interest credit card debt and take out a personal loan with a lower interest rate, you may be able to lower your monthly payment amount. This can free up your cash flow and give you more money to spend on your emergency fund and other financial goals, such as saving for a home or for retirement.

Choosing a personal loan with a longer term can also result in lower monthly payments. But keep in mind that if you go this route, you will pay more interest over time.

4. Simplify your debt

When juggling multiple loans and credit cards, it’s easy to miss a bill payment. Missing a single payment can impact your credit.

A debt consolidation loan allows you to combine several monthly payments into a single loan with a fixed interest rate. It can make the debt refund much more manageable process and reduce your risk of missed payments. Many personal lenders also offer discounts for setting up automatic payments, which will ensure that your monthly loan payments are made on time.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan ratess to find the one that best suits your needs.

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ClearOne Advantage Review: Ranked #1 for Debt Consolidation at Crixeo https://paydayloansandbeyond.com/clearone-advantage-review-ranked-1-for-debt-consolidation-at-crixeo/ Wed, 21 Sep 2022 01:36:09 +0000 https://paydayloansandbeyond.com/clearone-advantage-review-ranked-1-for-debt-consolidation-at-crixeo/

What is the ClearOne Advantage?

ClearOne Advantage is a Maryland-based debt relief company that has been in business since 2007. It is accredited by the Better Business Bureau, is A+ rated, and offers personalized debt settlement services.

If you are struggling with debt, ClearOne Advantage can help. They are a leading debt relief company and since 2008 have helped thousands of customers settle their credit card bills and other unsecured debts. They don’t charge any upfront fees. ClearOne Advantage works with you to create a personalized debt relief plan that fits your budget. Their Certified Debt Specialists will negotiate lower final payment amounts with your creditors, so you can pay off a reasonable portion of your bills – to an acceptable level.

Debt resolution — sometimes called debt settlement or debt consolidation — isn’t for everyone, but those who stick with the program typically pay off their listed debts within three to four years. The lower monthly payments of ClearOne’s plans often leave customers with more money to spend when needed.

ClearOne Advantage review: Ranked #1 for debt consolidation at Crixeo 1

How does ClearOne Advantage work?

If you are struggling with debt, ClearOne Advantage may be able to help. The company works with creditors on your behalf to try to reach a settlement agreement. This can make it easier to pay off what you owe and can often save you money in the long run.

There is no upfront cost to use ClearOne Advantage services. ClearOne Advantage requires you to have a minimum debt of $10,000 before working with you. Settlements typically take 24 to 60 months.

How to start?

If you’re looking to get your debt under control, ClearOne Advantage can help. By following a few simple steps on their website, you can view an estimated debt plan designed specifically for you. To get started, visit the ClearOne Advantage website and choose the “Start Now” option. Next, select the amount of unsecured debt you have. After entering your zip code and email address, you will be prompted to enter your full name and phone number.

After providing your information, ClearOne Advantage will review your credit report and current debts to give you an estimate of the term and monthly payment. A customer service representative will then contact you by phone to discuss your debt and provide you with a quote for a settlement plan. The process usually takes less than 20 minutes.

What happens after you register?

ClearOne Advantage understands that opening an account and beginning a debt settlement can be a daunting process. That’s why they guide you every step of the way. Here’s what you can expect:

As soon as you sign up for ClearOne Advantage, they recommend that you stop using your credit cards and avoid opening new accounts. This will help you focus on paying off your debt. You will need to make regular deposits to a designated bank account. If you miss a payment, allow ClearOne Advantage to successfully settle your debts.

How much can you save with ClearOne Advantage?

If you’re struggling with debt, ClearOne Advantage could help you get back on track. They claim that their clients save an average of 50% on their debts before fees. Your savings would depend on the amount of your debt and the willingness of your creditors to negotiate. If you are considering using their services, be sure to do your research first so you can make the best decision based on your financial situation.

Is ClearOne Advantage legit?

Yes, ClearOne Advantage is a legitimate debt settlement company. He is accredited by the American Fair Credit Council (AFCC) and the International Association of Professional Debt Arbitrators (IAPDA). Its privacy policy outlines the information it collects and shares with its affiliates, and its website is encrypted to ensure the security of your information.

What are the pros and cons of using ClearOne Advantage?

Advantages

  • Highly rated by customers
  • A+ rating with Better Business Bureau
  • Get rid of harassing debt collectors
  • BBB accredited company
  • Accredited by AFCC and IADPA

The inconvenients

  • You can only settle unsecured loans
  • Not available in all 50 states

Clearone Advantage Debt Relief Review

Editorial Review of ClearOne Advantage

If you are struggling with debt, ClearOne Advantage can help. They are a leading debt relief company and since 2008 have helped thousands of customers settle their credit card bills and other unsecured debts. They don’t charge any upfront fees. ClearOne Advantage works with you to create a personalized debt relief plan that fits your budget. Their Certified Debt Specialists will negotiate lower final payment amounts with your creditors, so you can pay off a reasonable portion of your bills – to an acceptable level.

]]> Debt Consolidation Loan vs Balance Transfer: Which is Right for You? https://paydayloansandbeyond.com/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/ Wed, 14 Sep 2022 16:03:59 +0000 https://paydayloansandbeyond.com/debt-consolidation-loan-vs-balance-transfer-which-is-right-for-you/

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

A debt consolidation loan and balance transfer can help you consolidate high-interest debt. Learn how they compare. (Shutterstock)

Debt consolidation consolidates several debts into a single account. It can help you save money, lower your monthly payments, and streamline your payment process. Although you can consolidate your debt in several ways, debt consolidation loans and balance transfers are the most common.

Here’s what you need to know about each of them in order to determine the ideal debt consolidation strategy for your particular situation.

If you need a loan to consolidate high-interest debt, Credible lets you view your prequalified personal loan rates from various lenders, all in one place.

Debt Consolidation Loan vs Balance Transfer: What’s the Difference?

Debt consolidation loans and balance transfer credit cards are credit products you can use to consolidate other, higher-interest debt. Here’s an overview of how each works.

What is a debt consolidation loan?

A debt consolidation loan is a type of unsecured personal loan. If you subscribe to one, you will receive a lump sum upfront. Then you will repay what you borrow in fixed monthly payments over a set period of time. Although loan amounts vary, they can range from $1,000 to $100,000.

If you have different types of debt that can take years to pay off, a debt consolidation loan is worth considering.

UNSECURED LOANS: KNOW ALL

What is a balance transfer credit card?

Balance transfer credit cards allow you to transfer balances from your current maps to a new card, usually with a 0% APR introductory period of six to 18 months. If you pay off all your debts before the end of this introductory period, you can save a lot on interest. But keep in mind that once the period is over, you’ll start earning interest on the remaining balance on the card, and credit cards can have high interest rates.

If you have a lot of high interest credit card debt and you can pay it off during the introductory period, a balance transfer credit card might make sense.

Advantages and disadvantages of a debt consolidation loan

Before choosing a debt consolidation loan, consider these pros and cons:

Advantages

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

The inconvenients

  • If you don’t have the best credit, you may find it difficult to get an interest rate lower than what you are currently paying.
  • Some lenders charge origination fees, prepayment penalties, and other fees when you take out a debt consolidation loan.
  • There is no 0% APR introductory period like some credit card offers.
  • If you don’t make your payments on time, every time, your credit can take a hit.

WHERE TO GET A $5,000 LOAN

Advantages and disadvantages of a balance transfer

Here are some pros and cons to think about before deciding on a balance transfer:

Advantages

  • You can benefit from a 0% APR introductory period, which can save you hundreds or even thousands of dollars in interest.
  • Some cards offer rewards, such as cash back and travel points.
  • Opening a new card can lower your credit utilization ratio (the amount of credit you use compared to the amount of available credit you have) and, therefore, improve your credit score.

The inconvenients

  • If you don’t pay off your debt before the end of the 0% APR period, you could face high interest charges.
  • Some cards charge a balance transfer fee of 3% to 5% of the amount you transfer.
  • You may not qualify for a balance transfer credit card unless you have good credit.

What to consider when consolidating debt

When comparing a debt consolidation loan and a balance transfer, consider the following factors:

Where to get a debt consolidation loan

You can get a debt consolidation loan from a bank, credit union, or online lender. While banks and credit unions tend to offer competitive rates, they generally have stricter requirements than online lenders. Also, you must join a credit union before taking out a loan from it.

If your credit score is preventing you from getting approved for a debt consolidation loan, you may want to apply with a co-signer who has good credit or take the time to improve your credit before to make your request.

If you’re ready to apply for a debt consolidation loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

Where to get a balance transfer card

Many banks and credit card companies offer balance transfer credit cards. If you’re having trouble qualifying, check your credit reports and dispute any errors. Also focus on making your payments on time and do your best to pay off some of your credit card debt to improve your credit utilization.

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Advice from the Better Business Bureau: Beware of debt consolidation offers https://paydayloansandbeyond.com/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/ Sun, 04 Sep 2022 09:28:26 +0000 https://paydayloansandbeyond.com/advice-from-the-better-business-bureau-beware-of-debt-consolidation-offers/

With the impact of COVID-19 on daily life greatly reduced, student borrowers whose repayments have been suspended due to the pandemic may be considering their options for resuming payments on this life-changing debt.

This may lead some borrowers to look into debt consolidation, but it’s important to research these options carefully and not give in to the temptation to look for a quick fix that could turn out to be a scam.

After a recent action by the Biden administration, federal student loan repayments remain suspended without interest until Dec. 31. receive up to $20,000 in pardons. Consumers should beware of scammers who take advantage of the news by offering bogus ways to apply for loan forgiveness.

Better Business Bureau Scam Tracker received over 500 reports of debt relief and credit repair scams in North America in 2021. These scams cost consumers a reported total of over $283,000, the median consumer losing $600. Most often, these reported scams involved payment by bank account debit.

Upfront fees, including fees to enter a repayment plan, are a common thread among debt relief scams. These upfront charges are illegal. Loan repayment assistance – including loan deferrals, forbearance, repayment, and forgiveness or release programs – is available directly from the Department of Education and Loan Services, and application for these programs is always free.

Some scam companies ask consumers to sign a power of attorney for financial decisions, use it to suspend the consumer’s loans – a way to temporarily stop or reduce payments, during which the loans continue to earn interest – and require the consumer to make payments directly to them rather than to the loan officer. In reality, the company keeps the payments for itself and the forbearance eventually expires without any repayment progress.

Borrowers seeking student loan relief should consider the following tips:

• Do your research on the company and the options available to you. BBB business profiles on debt consolidation and other businesses are available at BBB.org or by calling 888-996-3887. These include customer complaints and how they were handled, customer reviews, and an A+ to F grade.

• Do not pay upfront fees to debt repayment companies. If a rescue company asks for money before helping you, report it to BBB.

• Think twice before signing a power of attorney or giving a company your bank account information or your federal student aid website login information. These actions allow a company to make potentially devastating financial decisions for you.

• Don’t agree to a long-term abstention or adjournment plan without doing your homework. These should only be seen as temporary solutions.

• Don’t be fooled by promises of quick relief. The loan relief and forgiveness options available through the Department of Education still require years of payments, and these loans cannot be canceled by bankruptcy.

]]> Debt consolidation vs bankruptcy: what’s the difference? https://paydayloansandbeyond.com/debt-consolidation-vs-bankruptcy-whats-the-difference/ Tue, 30 Aug 2022 13:07:37 +0000 https://paydayloansandbeyond.com/debt-consolidation-vs-bankruptcy-whats-the-difference/

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Debt consolidation with personal loan or bankruptcy: Both are debt solutions, but one is better than the other. (Shutterstock)

Debt consolidation and bankruptcy are two options for dealing with overwhelming debt. Both offer a long-term solution to your debt, but they work very differently and have varying consequences for credit.

A personal loan can be a good tool for consolidating high-interest debt. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

Debt consolidation vs bankruptcy

Debt consolidation and bankruptcy can both help you manage your debts, but it’s important to understand how each works before deciding which option is right for you. Here are some key differences between debt consolidation and bankruptcy.

Debt Consolidation

Debt consolidation merges multiple debts into one, usually by taking out a new loan or a balance transfer credit card to pay off your existing debt balances. This option is best suited for those who can pay off their debt but have difficulty managing multiple monthly payments or high interest rates.

Debt consolidation can hurt your credit in the short term since it requires taking on new debt. But it can increase your long-term credit as you pay off your debt. Debt consolidation may have a small associated cost in the form of loan origination fees or balance transfer fees, if you are using a balance transfer credit card to consolidate.

How long it will take to get rid of your debts depends on the debt consolidation route you choose, how much debt you have and how much you can afford to pay each month. But it may be possible to be debt free within five years.

Bankruptcy

Bankruptcy is another solution to debt, but with a very different process and different ramifications. Unlike debt consolidation, bankruptcy is a legal proceeding. And instead of helping you consolidate debt or get lower interest rates, it helps you get rid of debt altogether.

If it sounds too good to be true, know that there are some serious downsides. First, not all types of debt can be discharged in bankruptcy, so you may still find yourself stuck with some debt.

What you need to know about debt consolidation

In most cases, debt consolidation involves take out a personal loan to settle your other debts. You will then have only one debt with only one monthly payment to settle. In some cases, you may qualify for a lower interest rate than you’re paying on your other debts, which can also save you money in the long run.

Debt consolidation can also be done in other ways, including using a balance transfer card to manage credit card debt or a home equity loan or home equity line of credit (HELOC) to pay off your debt.

Advantages of debt consolidation

  • Streamlines debt repayment — Debt consolidation can help you go from multiple monthly payments and interest rates to one. Not only is it easier to track your debts, but you might also end up paying less each month.
  • Can get a lower interest rate — Debt consolidation can lead to lower interest rateespecially if you are consolidating high interest debt like credit cards or using secured debt like a home equity loan to consolidate your debt.
  • Can improve your credit — Although you may see a temporary drop when you open new debt, debt consolidation can improve your credit usage and make it easier to make on-time payments each month.
  • Getting Out of Debt Earlier — With a potentially lower monthly payment and interest rate, debt consolidation could help you pay off your debt faster. Depending on the amount of your debts, it can take up to several years or as little as a few months to become debt free.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

Disadvantages of debt consolidation

  • Can pay fees — Debt consolidation may incur additional costs in the form of origination fees on a Personal loan or a home equity loan, or a balance transfer fee on a credit card. Consider additional fees to ensure that consolidating your debt will make financial sense.
  • The interest rate cannot be lower — There is no guarantee that debt consolidation will result in a lower interest rate. Personal loans can have high interest rates, especially for borrowers with bad credit. If you already have low interest rates on your current debts, debt consolidation might not be beneficial.
  • Assets could be at risk — Depending on the type of debt consolidation you use, you could be putting other assets at risk. For example, a home equity loan is secured by your home, which means your lender could foreclose on your home if you stop making your payments.
  • May not reach root cause of expense — If you haven’t addressed the root cause of your debt, your debt consolidation loan could help you pay off your credit cards, but encourage you to use them for additional purchases. As a result, you can find yourself in an endless cycle of debt.

What you need to know about bankruptcy

If your financial situation is dire and you are considering bankruptcy, here are the two different types:

  • Chapter 7 Bankruptcy — This type of bankruptcy allows you to pay off certain debts. In return, your non-exempt assets will be sold to help provide compensation to your creditors. What is considered exempt property depends on your state, but can include work-related items, a personal vehicle, equity in your personal residence, and household furniture.
  • Chapter 13 Bankruptcy — With Chapter 13 bankruptcy, a court representative will help you create a repayment plan rather than paying off your debts. You will pay installments to your creditors for a number of years and, in exchange, you will be able to keep all your assets. Any outstanding debt at the end of the repayment term will be discharged.

It is important to note that some debts cannot be discharged in a Chapter 7 bankruptcy. Debts that will not be discharged include child support, alimony, taxes, and student loans. Chapter 7 bankruptcy also has an income limit. Those who wish to declare bankruptcy and are not eligible for Chapter 7 can use Chapter 13 instead.

Advantages of bankruptcy

  • Can provide debt relief — Bankruptcy can relieve you of your debt and, in the case of a Chapter 7 bankruptcy, help you pay off some of your debts entirely.
  • Can help you avoid foreclosure — Bankruptcy can help you avoid a legal judgment or foreclosure due to unpaid debts.
  • Some goods will be taken – While some of your personal assets will be liquidated to pay off loans, others will be exempt from liquidation.
  • May not lose all your possessions — In the event of a Chapter 13 bankruptcy, you may be able to keep your assets while having some of your debts discharged.

Disadvantages of bankruptcy

  • Sustainable credit effects — Bankruptcy stays on your credit report for up to 10 years and could prevent you from borrowing money, renting an apartment, getting insurance, or even getting certain jobs.
  • Could lose your property — Depending on the type of bankruptcy, you could end up with a lot of your personal assets seized and liquidated to make payments on your debts.
  • Not all debts are eligible for discharge — Certain debts, including student loans and child support, cannot be discharged in bankruptcy.
  • May have to pay a fee — Bankruptcy can result in additional court, administrative and attorney fees during a time when you are already struggling to pay what you owe.

Bankruptcy should be considered a last resort. Consider a personal debt consolidation loan instead. You can quickly and easily compare personal loan rates with Credible to find the one that meets your needs.

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Debt consolidation in times of uncertainty https://paydayloansandbeyond.com/debt-consolidation-in-times-of-uncertainty/ Fri, 26 Aug 2022 13:03:18 +0000 https://paydayloansandbeyond.com/debt-consolidation-in-times-of-uncertainty/

“Under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce monthly expenses, at a time when every little bit counts.”

The research was conducted among 2,068 UK adults in June 2022, 58% of whom were homeowners, of whom 25% also had an unsecured loan.

It revealed that the vast majority (78%) of UK homeowners found themselves spending more on living costs than six months ago. Three in 10 (30%) of those with revolving credit, including credit cards, store cards and overdrafts, said they had an average balance of almost £3,000 and had seen their rates rise over the course of the same period.

Overall, our research found that around 12.7m UK homeowners could face an average increase of over £750 in annual interest rate payments on revolving credit, with 3.8m seeing a increase of over £60 per month.

With the two pinch points of the rising cost of living and more expensive credit, and an average balance of £8,738.90 per owner for revolving credit and unsecured loans, such as car loans, the moment may have come for savvy spenders to consider debt consolidation. .

Not a last resort

For many, the term “debt consolidation” can carry negative connotations, suggesting an unmanageable or poorly managed amount of debt, and a person in dire straits. Indeed, our research found that only 30% of people with outstanding debt would consider consolidating it into a single loan, while 45% said they wouldn’t see it as an option at all.

However, far from being a matter of desperation, with much of the UK dependent on unsecured credit, rising rates and the economic outlook looking constantly bleak, it is simply a matter of good money management .

While no financial solution is perfect for every client, under the right circumstances, shifting increasingly expensive short-term debt to longer-term, lower-rate duration can help reduce expenses. monthly, at a time when every little gesture counts. There’s also the added benefit of streamlining all additional fees and charges and having one easy-to-manage payment per month, reducing the risk of complications or missed payments.

A homeowner can use their home’s security in a number of ways in this situation, including re-mortgaging to raise capital to pay off debts, but the best option may be second mortgages, as this allows borrowers to stay on a potentially more favorable market. first rate of charge while enjoying the equity accumulated in their home.

At Pepper Money, the average median salary among our second charge clients who take out a debt consolidation loan is £53,900. These are high-income earners who take proactive steps to ensure their continued financial stability, in addition to potentially boosting their credit ratings, while leaving a safe buffer of equity in their home.

While there is risk with any form of borrowing, Pepper Money prides itself on taking a careful and thoughtful approach, backed by humans and technology working together to deliver positive results for clients.

In this time of uncertainty, this is an opportunity to make the most of the continued stability in the housing market, leveraging the power of home equity to gain some breathing room. With rising inflationary pressures, now is the time to find out if secondary debt consolidation is right for your clients.

]]> Consumer and Business Debt Consolidation Market Size to Register Substantial CAGR 2022-2028 https://paydayloansandbeyond.com/consumer-and-business-debt-consolidation-market-size-to-register-substantial-cagr-2022-2028/ Thu, 25 Aug 2022 06:25:29 +0000 https://paydayloansandbeyond.com/consumer-and-business-debt-consolidation-market-size-to-register-substantial-cagr-2022-2028/




Forecast to be a highly lucrative business vertical, the Consumer and Corporate Debt Consolidation Market has been projected to accumulate modest proceeds by the end of the projected timeframe. Incorporating a concise analysis of the Consumer and Corporate Debt Consolidation Market in meticulous detail, the Consumer and Corporate Debt Consolidation Market research study aims to deliver valuable insights with reference to factors such as market size, revenue forecast, sales volume, and others. The segmentation of the Consumer and Corporate Debt Consolidation Market as well as the driving forces impacting the industry landscape are categorically provided in the report.

The most recent research report on the Consumer and Corporate Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical information obtained from several outlets, it also contains a variety of proposals to promote industrial expansion through the advancement of corporate strategies.

The report elaborates more on the major development trends that will shape the industry's profitability pattern over the estimated timeframe. It also mentions the industry's challenges and opportunities as well as ways to reduce their ramifications. Furthermore, it considers market sub-divisions to establish the overall scope and size of the landscape.

Request Sample Copy of this Report @ https://www.newsorigins.com/request-sample/52184

Market segmentation and coverage

Product range:

  • Past data along with estimates regarding growth rate, revenue share, and compensation are presented in the report.

Application spectrum:

  • society
  • Consumer
  • By company
  • Goldman Sachs
  • OneMain Financial
  • Discover personal loans
  • loan club
  • Pay
  • Debt Relief Freedom
  • National debt relief
  • Rescue One Financial
  • ClearOne Advantage
  • New era debt solutions
  • Pacific Debt
  • Approved Debt Relief
  • CuraDebt Systems
  • Guardian Debt Relief
  • Debt negotiation services and help Premier Debt
  • Historical information and projections of product demand, CAGR, and market share of each application field are mentioned in the study.

Regional bifurcation: North America, Europe, China, Japan

  • Along with the growth rate forecasts, the report contains records of the overall revenue and sales obtained by each regional market.

Competitive Landscape Summary

Goldman Sachs OneMain Financial Discover Personal Loans Lending Club Payment Freedom National Debt Relief Debt Relief Rescue One Financial ClearOne Advantage New Era Debt Solutions Pacific Debt Accredited Debt Systems CuraDebt Systems Guardian Debt Relief Debt Negotiation Services Premier Debt Help Oak View Law Group By Region North America United States Canada Europe Germany France United Kingdom Italy Russia Nordics Rest of Europe Asia Pacific China Japan South Korea Southeast Asia India Australia Rest of Asia Latin America Mexico Brazil Rest of Latin America Middle East and Africa Turkey Saudi Arabia United Arab Emirates The rest of the MEA are the distinguished entities shaping the competitive environment in the consumer and corporate debt consolidation industry. Companies are profiled based on their profits, revenue, payment system, market portfolio, and tactical moves. Accordingly, the section highlights the procedures that vendors can use to outperform their competitors over the projected period through successive mergers and acquisitions, product launches, R&D and global coverage.

Industry Value Chain Analysis Overview

The industry value chain model, which focuses on manufacturers, customers, and sales channels, definitely aims to help companies reduce costs at each stage of the product/service life cycle while delivering quality and value to the heart of the people.

FAQs-

  • Which companies represent the competitive scope of the Consumer and Business Debt Consolidation market?
  • Which regions are assessed in the Consumer and Corporate Debt Consolidation report?
  • What are the key segments of the Consumer and Business Debt Consolidation market?
  • How is the Consumer and Business Debt Consolidation Market expected to grow during the period 2022-2028?

Here are some of the reasons why you should buy Consumer and Business Debt Consolidation Market Report:

  • The report examines how the consumer and business debt consolidation industry is likely to grow in the future.
  • Using Porter’s five forces analysis, he studies several perspectives on the consumer and business debt consolidation market.
  • This Consumer and Business Debt Consolidation market study examines which product type is expected to dominate the market, along with which regions are expected to grow fastest throughout the projected period.
  • Identify the recent advancements, Consumer and Business Debt Consolidation market shares and tactics of major market players.
  • It examines the competitive landscape, including major consumer and business debt consolidation companies’ market share and accepted growth strategies over the past five years.
  • The research includes comprehensive company profiles for major consumer and business debt consolidation market players, including product offerings, important financial information, current developments, SWOT analysis and strategies. .

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Debt consolidation service providers ordered to pay over $2 million in fines and restitution https://paydayloansandbeyond.com/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/ Wed, 24 Aug 2022 13:00:00 +0000 https://paydayloansandbeyond.com/debt-consolidation-service-providers-ordered-to-pay-over-2-million-in-fines-and-restitution/

BALTIMORE, MD (August 22, 2022) – Maryland Attorney General Brian E. Frosh today announced that his Consumer Protection Division has issued a Final order against Marcia L. Bailey and Arthur Wittenberg and their entities, Marcia Bailey Inc. trading as Signature Accounting and the Wittenberg Family Trust, for violating the Consumer Protection Act when they collected hundreds of thousands of dollars from consumers to help them consolidate and pay off outstanding consumer debt, but failed to deliver the promised services.

From their offices in Baltimore, Bailey and Wittenberg targeted victims who resided in Maryland and other states. In June 2021, Attorney General Frosh obtained a preliminary injunction from the Baltimore County Circuit Court restraining Bailey, Wittenberg and their entities from offering or selling debt consolidation services from Maryland. The final order issued this week by the Consumer Protection Division includes a permanent injunction that restrains Bailey, Wittenberg and their entities from further harming consumers, as well as an order requiring them to pay a fine of $1,246,000. $ and return any funds they have collected from consumers who have not received promised services. Together, the total payments are expected to exceed $2 million.

“Marcia Bailey and Arthur Wittenberg deceived and defrauded consumers by promising that the Wittenberg Family Trust’s ‘private bank debt liquidation program’ would save consumers hundreds of thousands of dollars, pay off unpaid consumer debts in a shorter time frame than the original loan terms, and improve consumer credit scores,” Attorney General Frosh said. “Instead, they took the money for themselves while consumers repossessed their cars and homes threatened with seizure.”

Bailey, Wittenberg and their entities charged consumers an upfront fee of between $11,000 and $118,000 for the services, followed by charging additional amounts that were supposed to be used to pay off consumers’ outstanding debts. Rather than providing the services purchased by consumers, Bailey and Wittenberg wrongly converted most consumer payments for their own personal uses. The Division found that the eight consumers who testified at the hearing owed at least $772,939 for payments made to Bailey, Wittenberg and their entities for services that were not provided. Rather than helping consumers consolidate and eliminate their debts, Bailey and Wittenberg only helped themselves.

In Maryland, individuals who provide certain types of debt consolidation services must be licensed by the Office of the Commissioner of Financial Regulation of the Maryland Department of Labor.

Before entering into contracts for such services, consumers should check a provider’s licensing status with https://www.dllr.state.md.us/finance/industry/licsearch.shtml.

In addition, persons who provide mortgage assistance services, credit services, funds transfer services and debt management services are generally prohibited from collecting upfront fees from consumers and, in addition to other requirements, must obtain a bond and provide consumers with specific information, notices and other information regarding consumer rights.

For more information, consumers can call the Consumer Protection Helpline at 410-528-8662 or toll-free at 888-743-0023.


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3 tips to make a debt consolidation loan work for you https://paydayloansandbeyond.com/3-tips-to-make-a-debt-consolidation-loan-work-for-you/ Mon, 22 Aug 2022 13:15:12 +0000 https://paydayloansandbeyond.com/3-tips-to-make-a-debt-consolidation-loan-work-for-you/

A consolidation loan is not a magic solution for debt. Explore all of your debt relief options first and make an informed decision that will benefit you in the long run.

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Q: We have been struggling with our debt for a long time. For a while things improve, then something happens and we fall behind again. The last time we maxed out our credit cards was for car repairs and with the cost of living so high right now, we can barely make the minimum payments. One of the credit card companies contacted me the other day and suggested I get a consolidation loan to pay off what we owe. I talked to my bank, and it looks like a loan would solve our money problem. Is it too good to be true? ~ Brad

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A: Debt has a funny way of accumulating over the years. For a while, we can sweep it under the rug and not worry too much about it. But there comes a time when it overflows and we have to deal with it. Debt unfortunately does not resolve itself and does not disappear on its own.

There is a lot of different ways to deal with debt and there is even different types of debt consolidation. The options depend on your general situation and whether you can afford to make payments or not. Once you’re able to make payments, getting back on track takes time and effort, and you’ll encounter obstacles along the way that will make you wonder if you made the right decision. In the long run, though, you’ll be thankful you dealt with it when you did.

When it comes to a debt consolidation loan There are things you can do with your bank or credit union to make sure the loan helps you get ahead and meet your financial goals.

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Recognize that a loan is only half a solution

There are two key factors to consider when considering solving your debt problem with a consolidation loan. The first is to identify why you got into debt in the first place, and the second is whether the loan will help you pay off what you owe. It only leads to more stress if the loan ends up doubling your debt and leaving you worse off than before you took out the loan.

A debt consolidation loan is not a magic solution for debt. For the loan to free you from debt, you need to think carefully about how you can change your habits and clean up your finances so that you don’t spend more than you earn. This means establishing a realistic budget that you use to guide your spending decisions. Your budget will also take into account setting aside money in savings so that when an emergency expense occurs, you have at least some savings to pay for it. If you need to use the credit to pay the rest, you’ll need to adjust your budget to account for higher debt payments until you’re back on track.

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Dangers of Different Types of Consolidation Loans

Change the way you use credit to avoid future problems

Many Canadians can hardly imagine how they would manage without their credit card. Even those who rarely use them would struggle to shop online or book a hotel room without one. However, if you want to move on and use a consolidation loan to get your finances back on track, you need to be aware of how you use all forms of credit.

For example, if you have a secured line of credit, it is usually not included in a debt consolidation loan. If you continue to use your secured line of credit after obtaining a loan to consolidate your credit card debt, the effectiveness of the loan could turn against you. If you have overdraft protection on your bank account, request that it be blocked or removed if you don’t trust yourself to stay in the black. If you’ve used high-interest payday loans to make ends meet, make sure those debts are paid off with the loan and focus on bringing your expenses in line with your income instead.

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What to do if you’re struggling with bad credit

A typical condition of a consolidation loan for credit card debt is that the credit cards are canceled once they are paid off with the loan proceeds. However, as you make regular loan payments, your credit rating will recover. If you’re a spendthrift and miss the convenience of having a credit card, if you haven’t changed the way you use credit, there’s a chance that the debt problem will start again.

Hidden Dangers of Using a Line of Credit to Consolidate Debt

Understand the non-financial influences on your spending

Money management isn’t just about dollars and cents. It’s as much psychological and emotional as it is mathematical. We didn’t need to consolidate our debt because we couldn’t calculate our budget accurately; financial problems are rarely so simple. In fact, many of our spending decisions are made long before we set foot in a store or log into our favorite retailer’s app.

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When we try to make ends meet on a daily basis, it can be difficult to appreciate the complexity of the decision-making processes that go into managing our money. Our values, the goals we set, the choices we make, the habits we have, the social media we use, the friends we keep, as well as how we use credit, our attitudes towards debt , as well as lifestyle factors and what we don’t all have an impact on our expenses.

Each of these factors gives us the opportunity to make positive choices and changes with our money. Replace thoughtless spending and impulse buying habits with the abandonment of costly attitudes towards credit and debt. Develop strategies to keep your money safe from yourself by following money-savvy social media profiles. Join groups and associate with like-minded friends to help you keep your lifestyle choices in line with your budget.

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Why an Instant Online Payday Loan Won’t Solve Money Problems

The Basics of Using a Consolidation Loan to Get Out of Debt

There is no one-size-fits-all solution to settling your debts. Before following the advice of a creditor, take the time to explore all your options in order to make an informed decision. There are options that consolidate your debts and others that consolidate your payments. With some options you have to borrow more money, with others you restructure your budget. Some options have a more severe impact on your credit rating than others, and there are even options with interest relief to help get you back on track. The right option will help improve your financial skills and provide you and your family with a financially stable future.

Related Reading:

Get free help with debt and money issues

How to break a spending habit

What is debt consolidation and how does it work in Canada?

Scott Hannah is president of the Credit Counseling Society, a non-profit organization. For more information on managing your money or debt, contact Scott by E-mailCheck nomoredebts.org or call 1-888-527-8999.

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