Arkansas debt consolidation and settlement - What are the benefits?
When you're struggling to pay your bills on time and creditors or collection agencies are contacting you to collect on old debts, you should consider choosing an Arkansas debt consolidation or settlement program to get rid of your debts.
Arkansas debt consolidation program - How it works
When you enroll in an Arkansas debt consolidation company, the company negotiates with your creditors so that they're willing to accept your payments at a lower interest rate. This decreases the amount you pay every month to make your payments manageable. Then all you have to do is make your monthly payments to the consolidation company. With a consolidation loan, all of your high interest loans are consolidated into a single monthly payment. Find out more...
Benefits of Arkansas consolidation
When you consolidate your bills in an Arkansas debt consolidation program, you get the following benefits:
- The interest rates on your bills will be lowered.
- Your multiple bills are replaced with one manageable monthly payment.
- Late payment fees can be partly or completely erased.
- You don't need to deal with creditors directly.
Get further details on the 8 benefits of consolidation.
Arkansas debt settlement - What it is all about
Arkansas settlement is all about getting rid of your bills by paying much less than what you owe. There are settlement companies that offer programs where they'll work with your creditors or collection agencies to reduce your outstanding principal balance.
Benefits of Arkansas debt settlement
You'll get the following advantages in an Arkansas debt settlement program.
- The amount you owe on your bills will be reduced.
- Penalty fees can be minimized or erased completely.
- Lawsuits, judgments, and garnishment can be avoided.
For further details, take a look at pros and cons of debt settlement.
How to decide between consolidation and settlement
To decide whether to consolidate or settle credit card debts, medical bills, etc., you need to find out if you're able to make the minimum monthly payments. If not, then you should settle your bills instead of consolidating them. However, if you think you'll be able to make monthly payments after your interest rates have been reduced, you should consolidate your debts in an Arkansas consolidation program.
FAQ on Arkansas consolidation and settlement
Q) I have accumulated 5 credit card bills from different banks, which have raised their interest rates, and as a result I'm unable to manage the payments. How do I get out of this mess? Can they sue me for the unpaid cc bills?
Ans: Whether you will be sued for unpaid credit card bills depends on the bank. It is important to the credit card issuer to retrieve the money they are owed. To avoid being sued, enroll in an Arkansas consolidation program and combine the payments into one monthly bill that you can afford. It'll help you get out of the mess in a short time. Learn more...
Q) I received a court summons for a credit card bill. The party suing me is not the original creditor. But right now, I don't have enough cash to repay the bill. Should I take help of an Arkansas debt settlement company or do I contact a lawyer to pursue the case and explain why I shouldn't pay the bill?
Ans: You should file an answer to the complaint and an appearance with the court. You should then contact the creditor and attempt to come to a settlement agreement. If you find it hard to negotiate on your own, you should get help from an Arkansas debt settlement company. Learn more...
Q) My wife and I have credit card bills worth $30K. I lost my job a while ago and found another job that pays less than the previous one. While we're stable right now, we haven't paid any of our cc bills in the past 3 months. We'd like to start paying our bills again, but we can't afford to pay more than $200 a month. Can an Arkansas debt consolidation program help us get out of the problem?
Ans: I think you should first pull your credit report and check the status of the late credit card accounts. This will help you find out if any of those accounts have been charged-off or sent to collections. If an account has been charged-off, contact the creditor and ask him to give you some more time to pay them off in order to rid of any negative marks on your credit report. Enroll in an Arkansas debt consolidation program where a consolidator will negotiate with your creditors or collection agencies. The purpose is to help you pay off bills in affordable monthly payments. Learn more...
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