Getting Back on Your Feet After Debt Consolidation

After you have been through a financial crisis and worked hard to repair the damage, the silver lining starts to glimmer again. Debt consolidation tools can help move your finances in a stronger direction. Debt consolidation not only can help lower your monthly payments to pay off your bills, but it can help bring your credit score back up, which improves your credit score and can help build confidence.

Debt problems

As of December 2018, the approximate credit card debt for U.S. households weighed in at $6,741. In total, American consumers owe a whopping $423.8 billion in credit card debt. These numbers don’t count car loans, mortgages and other personal loans – strictly credit card debt. Are you one of the millions who are wrestling with high interest cards, looking for a way out? Then debt consolidation may be your ticket to financial freedom.

Some people find themselves considering debt consolidation due to inherited debt, when parents leave an unsurmountable amount of debt to adult children. Other marry into their spouse’s financial problems. Student loans and medical bills are also common sources of debt. Emergency surgeries, dental procedures and other medical tests can cost up to $15,000 each. Having the means to pay for unforeseen medical issues can help reduce stress and bring peace of mind to you and your family.

Risky family finances

Student loans coupled with credit card debt may prompt many Americans to set back major milestone purchases like buying a new home. Young married couples may find themselves paying off huge wedding bills. If they have children, they will have many more bills to pay. Raising a child to adulthood is expected to cost nearly $2 million.

Debt consolidation options should be considered when serious financial problems begin. By waiting, you risk gaining more and more debt, which could affect your credit score if you fall behind on payments.

Getting back on your feet

Options for managing your debt include debt consolidation loans. When you are approved for a loan that helps you to pay multiple revolving credit lines off, your debt becomes consolidated into one payment. This can assist American families that have too much to pay each month and provide debt relief via more flexible terms, longer payment plan options, and many times, lower interest rates. In fact, some organizations offer interest-free loans to help people pay down debts.

Families who are struggling with debt may want to consider getting a loan as an option to help pay off outstanding credit cards. You may be able to protect your credit rating, reduce your interest rates and monthly payments and help get you out of debt faster. Quick loans are available to help consolidate your debts. Many lenders offer fast cash in a matter of days to help begin the process.

Qualifying for debt consolidation loans is usually an easy process, regardless of your credit rating and can help put your finances back on track and feeling good again. Some organizations help families and individuals in need with interest-free loans that can be paid off more easily than high-interest credit cards. For example, UPI Loan Fund helps people of color by offering debt consolidation loans.

Interest-Free Debt Consolidation Loans

If you are a person of color looking to consolidate your debt, UPI Loan Fund can help with an interest-free loan. Contact us to learn more about our application process.

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