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Are you having problems paying your debts in Missouri? If yes, it's better to find out how to repay the bills before you end up in court. One way of managing several bills and getting rid of constant letters/calls from creditors/collection agencies is to go for Missouri debt consolidation. Consolidation enables you to replace several bill payments with a small monthly payment at a low interest rate.

What are the steps involved in a Missouri debt consolidation program?

If you're trying to pay off multiple credit cards, medical bills, personal loans, and you have a job, then you are a good candidate for a Missouri debt consolidation program or debt management program. You should start by choosing a reliable consolidation company accredited by the Better Business Bureau (BBB) or another well-known organization. Then you should follow these simple steps:

Attend a free counseling session

Many consolidation companies offer a free counseling session to help you analyze your financial situation and find out whether a Missouri debt consolidation program is right for you.

Get enrolled in a consolidation program

Many consolidation companies offer a free counseling session to help you analyze your financial situation and find out whether a Missouri debt consolidation program is right for you.

Consultant takes over creditor calls and starts negotiation

The consultant works with your creditors/collection agency to negotiate a payment plan you can afford and reduce or eliminate late fees and penalties.

Once you receive a payment plan that's affordable, start making monthly installments to the Missouri debt consolidation company. The company then divides the payment among your creditors/CAs. Learn more about the steps in a consolidation program.

State of Missouri (MO)
map of Missouri state in USA

Avg credit card debt: $5,105
Delinquency rate on (credit card): 1.43%

Mortgage debt: $135,616
Delinquency rate on (Mortgage): 1.72%

Auto loan debt: $17,368
Delinquency rate on (Auto loan): 1.31%

Unsecured personal loan debt: $9,473
Delinquency rate on
(Unsecured personal loan): 4.81%

Payday loan laws >>

How does a Missouri debt consolidation loan work?

A consolidation loan is a simple way to get rid of your bills. All you need to do is take out a Missouri debt consolidation loan then pay off all your bills with the loan money. You're then left with a single low interest bill to pay each month.

Tips for consolidation in Kansas City, Missouri

Here are some types that will help you consolidate your bills successfully:

Cut back on extras

You need to cut back on extra expenses to make your monthly payments while you're in a debt consolidation Kansas City (or Missouri) program. Avoid making big purchases while you repay your bills.

Do not increase your debt load

When you're paying down your bills with the help of a consolidation program or loan, make sure you don't use your credit cards or take out a new loan. Otherwise, your obligations will increase and it can be difficult for you to continue paying off your loans and credit.

Inquire about the fees

Make sure you know exactly what your consolidation company is charging you in enrollment fees, maintenance fees, and for other expenses. If you've decided to take out a consolidation loan, you should know how much you'll be paying in processing fees, interest, the monthly service fee, and if there is a prepayment penalty.

Shop around

Compare different consolidation companies and loan offers before choosing the one that is right for you. The cheapest program may not always be the best.

Double check the figures prior to accepting an offer

Before you start off with a debt consolidation Kansas City program, you should double check the amount you will be paying on your bills each month and for the budget your consolidator has prepared. If you decide to get a loan, then you should calculate the monthly payments, interest, and fees.

Is Missouri debt settlement legal?

The law allows Missouri debt settlement companies/law firms to offer professional help to those who wish to settle their unpaid bills. The Missouri debt settlement companies negotiate with creditors or collection agencies with the aim to cut your outstanding balance. Once your debts are settled, you'll be free of them. However, the IRS may require you to pay income taxes on the forgiven amount.

What are the benefits of consolidation in Kansas City, Missouri?

Whether you're in Kansas City or any other city in Missouri, you'll get the following benefits by using a consolidation program or loan:

  • You can obtain low interest rates on your bills.
  • You need to write only one monthly check.
  • You can avoid paying late fees or over-the-limit charges.

For further information, look through this article on 8 benefits of consolidation.

How much
you can save
in Missouri

FAQ on Kansas City and Missouri debt consolidation

Do state payday loan laws apply to internet pdl lending? I have 5 pdls to be paid off. I've missed a number of payments which is why my interest rates have gone up and now it's getting difficult for me to manage them. What should I do? I'm in Kansas City.
Ans: Yes, state laws on pdls do apply to internet payday lending. If you're having trouble making your payday loan payments, you should consider getting into a relief program offered by Kansas City consolidation companies. These companies work with creditors or CAs and help to reduce interest rates and late fees to make the monthly payments manageable.
A collection agency in Kansas City keeps calling me about a few accounts that they say haven't been paid off. They're not willing to provide any paperwork or proof that I owe the money. What should I do?
Ans: As long as the CA doesn't provide you with any detail on the bills, you shouldn't reveal any personal information, including your bank account details. First of all, you should ask the CA to validate your debt and once they do so, you can work out a payment arrangement with the CA. If required, you should get enrolled in a debt consolidation Kansas City program and pay off your bills in lower monthly repayments. Some consolidation companies have preset arrangements with creditors and CA and can help you negotiate a fair deal with the CA.
I have multiple bills - unpaid credit cards, medical bills, and internet payday loans. My salary has recently been cut and I won't be able to afford the monthly payments. How do I deal with these bills? I'm in Missouri.
Ans: Even though your salary has been cut, you can still try to reduce your debt by enrolling in a Missouri consolidation program and have your interest rates and monthly payments reduced. Or, you can apply for a Missouri debt consolidation loan and repay your bills with a single payment. All you'll be left with is a single low interest monthly payment on the consolidation loan.