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If you've accumulated a lot of debt in New York, you're tired of harassing creditor calls and you want to lower your monthly payments or reduce the outstanding balance, New York debt consolidation and settlement may work for you.

3 Things to watch out with New York consolidation and settlement

If you're considering New York consolidation or settlement as the solution to your debt problems, check out the 3 things you should be aware of.


  1. When to choose consolidation or settlement
    If you have a regular source of income and you're looking to obtain a lower interest rate on your outstanding debt, consolidation may be the option for you. New York debt consolidation programs (often called debt management) can help you reduce your interest rates and make your payments more affordable. On the other hand, if you can't make the minimum monthly payments on your bills and you want to lower your outstanding balance, try getting help of New York debt settlement programs.
  2. How New York consolidation and settlement work
    New York consolidation programs work just like any other consolidation program. In this program, a consolidation company works with your creditors or CAs to help lower your interest rates. You send your monthly payment to the company, which then distributes it among your creditors or CAs. For further details, find out how a consolidation program works.

    If you want to pay back all your bills in one lump sum payment, then you should choose a consolidation loan. However, you should have a good credit rating and make sure you're willing to manage a long term consolidation loan first.

    Now, if you want to settle your debts, enroll with a New York debt settlement company and start saving some money in a trust account set up by the company. Once you accumulate enough savings, the New York debt settlement company will start negotiating with creditors and reduce your debt. Learn more about a settlement program.
  3. What fees you need to pay
    Most companies offering New York debt consolidation or settlement programs will charge you a one-time representation fee to send letters and receive calls from creditors or CAs. Then there's a monthly representation fee for negotiating with each of your creditors or CAs. You'll also have to pay a monthly maintenance fee to the consolidation company. However, the settlement companies cannot charge an upfront fee unless the debtor has made at least one payment to the creditor as negotiated by the settlement company.

Tips on New York consolidation and settlement

When you choose to consolidate or settle your bills anywhere in New York State (such as New York City or Erie), follow these 3 tips.

  • Avoid making large purchases using your credit cards.
  • Do not apply for new loans or credit cards.
  • Budget your expenses to better manage your money.

Benefits of New York debt consolidation

When you choose a consolidation program or loan, you'll get the following benefits:

  • You can pay off your bills at a low interest rate.
  • You can replace multiple bills with one manageable payment.
  • Late fees and over-limit charges on credit cards can be reduced or waived off.
  • While you make payments, creditors or CAs will not harass you.

Benefits of New York debt settlement

When you choose a New York settlement program, you'll get the following benefits:

  • You pay less than what you owe.
  • Avoid legal actions.
  • Get rid of harassing calls from collection agencies.
  • You can pay off bills in 2-4 years' time.

New York City debt consolidation and settlement

New York City consolidation and settlement options are the same as any other New York state consolidation or settlement options. The fee structure for a New York City consolidation program or loan is also the same as in any other city in New York.

New York consolidation and settlement FAQ

Q: My wife and I have good income but our credit card bills have gotten out of control. We also have car payments and unpaid taxes. Can a New York City debt consolidation company help me get out of debt?
Ans: Yes, New York City consolidation companies can help you get rid of credit card (cc) bills. You need to enroll in a credit card consolidation program. Learn more...


Q: I've accumulated debts from 5 internet payday loans and I'm looking for a way out. Is there a program to help me consolidate these loans? I'm in New York City.
Ans: Payday lending is illegal in the state of New York. Therefore, you only need to pay the principal on your payday loans, and not the interest. So, there's no need to pursue a New York City consolidation program or loan. Simply ask creditors about a payment plan that will help you pay down the outstanding principal amount on your payday loans. Find out more...


Q: I have piled up a lot of cc bills and have a judgment on one account. Should I consolidate the cards or file bankruptcy? What forms do I need to submit to file for bankruptcy? I'm in New York City.
Ans: In general, you cannot consolidate any money you owe due to a judgment. You can consolidate the rest of your bills with a New York City debt consolidation loan. You should only file a bankruptcy as a last resort. Learn more...


Q: I'm unable to make the minimum monthly payments on my bills. Can creditors sue me for unpaid cc bills?
Ans: You can be sued for unpaid cc bills in New York. Whether you will be sued for a cc bill depends on the credit card company's policies and how much you owe on that account. Most creditors assign or sell off unpaid accounts to a CA, which then attempts to collect on the debt. What you can do is enroll in a New York debt settlement program and get rid of your bills by paying less than what you owe. Find more on whether one can be sued for credit card debts.


Q: I've been through tough times paying off bills - student loan, medical bills, credit cards and a mortgage. I've somehow consolidated and cleared the bills, but a collection agency is still harassing me about a medical bill I already paid off. I've sent them a Cease and Desist letter but they won't stop. So, I'd like to file a complaint against the CA. Can you give me the contact information for the New York State Attorney General?
Ans: The mailing address of the Executive Office of the Attorney General in New York is given below:
Office of the Attorney General
The Capitol
Albany, NY 12224-0341
Find out the contact information for the regional offices in a previous forum discussion.


New York debt consolidation and settlement companies provide you with options to clear your bills and get you out of your payment problems. However, when you consolidate or settle your bills, make sure you change your spending habits and try to save money to avoid problems in future.




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