If you're unable to fulfill your monthly obligations in Louisiana and you're getting deeper into debt each month, you should consider going for a Louisiana debt consolidation program. Through consolidation, you can lower your monthly payments and late fees, get rid of creditor/collection calls, and clear your debts faster.
What are the basics of Louisiana debt consolidation?
When you're struggling to maintain payments on your unsecured bills such as credit cards, personal loans, overdrafts, etc., you may be able to consolidate them with the help of a consolidation program or loan.
Whether you go for a program or loan, the first step is finding out how much you can put towards your bill payment each month. You need to calculate how much is required to pay down your rent/mortgage, food, utility bills and taxes. If you deduct this amount from your monthly income, you'll get your disposable income. If your disposable income is large enough for you to repay your bills at low interest rates, you'll be able to use a consolidation program and get rid of your debts.
Here's how a consolidation program works
A Louisiana debt consolidation program is where you sign an agreement with a consolidation company that negotiates with your creditors to lower your interest rates and monthly payments. If you have accumulated late payment charges, over-limit fees, and other penalty charges on your accounts, these can be negotiated down or waived off as well.
When you enroll in a Louisiana consolidation program, you don't have to deal with your creditors any more. You'll make a single monthly payment to the Louisiana consolidation company which will divide and send in those payments to your individual creditors. So, you can get relief from the stress of managing several bills at variable interest rate. Learn more...
Other than enrolling in a program, you can take out a Louisiana debt consolidation loan that will enable you to pay back your debts in a single large payment. This leaves you with only the consolidation loan to be repaid at a lower interest rate.
Are consolidation program and loans available in New Orleans?
Yes, consolidation program and loans are available in New Orleans. There are New Orleans consolidation companies offering relief programs to help consumers deal with unpaid bills like credit cards, medical bills, utility bills, store cards, etc. The consolidation programs available in New Orleans work the same way as the programs offered by any other Louisiana consolidation company. Louisiana has set a cap on upfront fees so that consolidation companies cannot scam consumers by charging a lot of money and not following through on their promises.
FAQ on debt consolidation in New Orleans, Louisiana
If the SOL on the account in collections has expired, send an Expired SOL notification letter to the CA asking them to stop contacting you. If the SOL has expired, the creditor or collection agency will not be able to sue you to recover the debt. Learn more...
A judgment brings down your credit score and makes it harder for you to qualify for new credit. So, try to avoid the judgment and go for debt consolidation in New Orleans where you can combine all your bills and pay them off with one lower monthly payment. Learn more...
What are the other ways to pay off your debts in Louisiana?
Apart from Louisiana debt consolidation, you can try out other options to pay off your bills. Some of the options are explained below.
Louisiana debt settlement
Credit counseling help and advice
If you've racked up a lot of debts, the counseling agency may offer you a DMP - a debt management plan where the counselor negotiates with your creditors and CAs to reduce your interest rates. The counselor may also help you to get rid of excess late fees or penalty charges. This reduces your monthly payments and helps you pay down your debts faster.