If you're overwhelmed with multiple bills in Wisconsin, you have a variety of options to overcome the situation. You need to know how much you owe on each of your accounts and what type of bills you have before you can begin a debt solution program.
Wisconsin debt consolidation - What is it all about?
Consolidation is one way of repaying your high interest bills with a smaller repayment each month. Wisconsin debt consolidation options are available as a consolidation program and a loan. Check out a brief outline of the options below.
- Consolidation program: Whether you have excessive credit card debt, medical bills, payday loans, store cards, personal loans etc., you can use a Wisconsin debt consolidation program in order to repay your bills in lower installments. Under this program, a Wisconsin debt consolidation company negotiates with your creditors, thereby reducing your interest rates, giving you relief from the burden of higher monthly payments.
- Consolidation loan: This is a personal loan offered by financial institutions. Here, you consolidate several bills with one big loan, giving you one monthly payment instead of several payments. Usually, you get this loan at a low rate of interest compared to the ones at which you're paying your creditors. Learn more....
Wisconsin debt consolidation - What are the programs offered?
Consolidation companies in Wisconsin offer various programs depending upon the type of bills you're struggling to pay back to your creditors. The programs are given below.
- Bill consolidation: This program helps you consolidate medical bills, utility bills, store card bills and other debt.
- Credit card consolidation: When you are overwhelmed with credit card bills, you can get enrolled in a credit card consolidation program and reduce your monthly payments, thereby getting debt free faster.
- Payday loan consolidation: If your payday lenders are charging high interest rates just because you couldn't pay off the loans within the due date, you can try a payday loan consolidation program. Since there's no cap on the maximum finance rate and fees charged on payday loans in Wisconsin, going for a consolidation program is a good idea to avoid rising interest charges and fees.
Consolidation in Milwaukee, Wisconsin - Are student loans included?
Consolidation/debt management programs available in Milwaukee and other areas of Wisconsin do not include federal student loans. There are several advantageous consolidation programs available with the Federal Department of Education that will help you repay your federal student loans. It is not a wise idea to consolidate Federal and private student loans together.
What are the benefits of Milwaukee, Wisconsin consolidation?
The primary benefit of a consolidation program is the replacement of several bills with a single monthly payment at a low interest rate. There are other advantages, such as reduction or elimination of late fees and over-limit charges through negotiation between the consolidation company and your creditors.
With a consolidation loan, you can pay off multiple bills, late fees and penalty charges all at once with the help of a single payment. This should be followed by repayment of the consolidation loan in small monthly installments.
FAQ on Wisconsin debt consolidation options?
Q: Is Chapter 128 similar to Wisconsin debt consolidation?
Ans: Chapter 128 plan is not a typical consolidation program. It's a court ordered plan that helps you to pay off bills with an affordable repayment plan accepted by most creditors and collection agencies in Wisconsin. The types of bills that can be included in Chapter 128 are payday loans, credit cards, utility payments, collection accounts, personal loans etc.
Like bankruptcy, Chapter 128 stops creditors from garnishing your wages and raising your credit card penalty charges. Like consolidation, Chapter 128 helps you to choose the type of bill you'd like to pay off at a rate you can afford. Learn more....
Q: Can I be sued for credit card dues in Milwaukee?
Ans: You may be sued for unpaid credit card bills (cc bills) in Milwaukee. It depends upon the cc company you're working with and the total amount of debt you have to pay. To avoid being sued by credit card company, you may enroll in a Milwaukee consolidation program and repay your bills successfully. Refer to the article on "Can you be sued for credit card debt?".
Q: What is the SOL for credit card bills in Milwaukee? Does that mean if I don't make payments during this time, the creditors won't come after me?
Ans: The SOL for credit card accounts in Milwaukee (in the state of Wisconsin) is 6 years. This means that the credit card company cannot sue you to collect on the debt after 6 years. However, this does not mean a creditor cannot use other out-of-court collection methods. If you're having problems making payments, consult a Milwaukee consolidation company and combine multiple credit cards into an affordable monthly repayment.
If you can't make the monthly payments on your bills, negotiate with your creditors and have your account balances reduced. If you can't negotiate on your own, get help from a Wisconsin debt settlement company that'll work with your creditors in order to reduce the amount you owe.
How do Wisconsin debt settlement programs help?
When you enroll with a Wisconsin settlement company, they'll negotiate with your creditors and convince them to forgive a portion of your outstanding balance. The purpose of the Wisconsin debt settlement program is to ease your burden and get you out of the obligation by allowing you to pay less than what you owe. However, it is essential that you know the basics of how settlement works prior to enrolling in a program.