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Alaska debt consolidation: Repay bills and avoid creditor harassment

When you're in trouble managing several bills in Alaska, you may consolidate them into one easy monthly installment payable at a low interest rate. Alaska debt consolidation enables you to repay your loans and credit without much hassle and saves you from getting harassed by creditors or collection agencies.

Alaska debt consolidation - What professional help can you get?

There are 2 options to consolidate bills with professional assistance.

Consolidation program (or debt management):

This is where you contact an Alaska debt consolidation company and let them work with your creditors to reduce your high interest rates and cut down or eliminate late fees and over-limit charges. Learn more...

Consolidation loan:

There are banks that offer Alaska consolidation loans. These loans provide you with large amount of cash to pay off all your bills in one payment. All you need to do then is pay down the consolidation loan. Use the calculator given below and determine your savings with a consolidation loan.

Can you consolidate bills on your own?

If you have credit card bills and you'd like to tackle them on your own, you could shift your balances from several accounts to a low interest credit card. This enables you to repay your card bills in low monthly payments. However, when the introductory rate period of the card ends, creditors raise the interest rate, which in turn increases your monthly payments. So, it is better to go for a balance transfer only when your debts are low enough to be paid back within the introductory period. Find more details on the do it yourself consolidation page.

How does Wales consolidation work?

There are companies offering programs related to debt consolidation in Wales, Alaska. These companies help you get rid of your high interest credit card bills, payday loans, medical bills, and other debt. Wales consolidation programs work exactly the same way as consolidation programs available in other Alaskan cities. When you choose these programs, you're required to pay enrollment fee, negotiation fees, and other charges.

State of Alaska (AK)
state of Alaska map, USA

Avg credit card debt: $6,983
Delinquency rate on (credit card): 1.12%

Mortgage debt: $216,009
Delinquency rate on (Mortgage): 1.15%

Auto loan debt: $22,042
Delinquency rate on (Auto loan): 0.78%

Unsecured personal loan debt: $12,397
Delinquency rate on
(Unsecured personal loan): 1.75%

Payday loan laws >>



Debt consolidation in Wales, Alaska - What are the pros and cons?

The pros and cons of Wales and Alaska debt consolidation are explained below.

Pros

  • Pay one monthly payment instead of many.
  • Avoid being harassed by creditors and CAs.
  • Get rid of excess late fees and over-limit charges.
  • Improve your credit by paying off bills.

Cons

  • Pay more interest on a long term consolidation loan.
  • Some companies may charge high upfront fees.


For further information, refer to this article on the pros and cons of consolidation.

Alaska debt settlement - How does it work?

If you can't save enough to make the monthly payments on your bills, you should settle with your creditors. You can either settle your bills on your own or get professional help by enrolling in an Alaska debt settlement program.


In an Alaska debt settlement program, you deposit your monthly payments into a trust account set up by the settlement company. Once the money in the account has accumulated to a certain amount, the company starts negotiating with your creditors or CAs in order to reduce your balance so you can pay off your bills faster. The remaining balance is forgiven by creditors or CA. Learn more how settlement programs work.


Case study

Scenario: I've got around $250K as credit card debt to my name. They are all spread across 15 credit cards. I earn about 9K a month and have burned up all my savings. I'll be getting almost 95K in cash from a recent refinance of my home. I'm planning to use this cash to pay off my credit card balances. I own a rental property. It's been 3 months since my tenant left and I'm still making mortgage payments. At this moment it has become quite a pain in the neck for me. I sold off one of mutual fund investments to make my ends meet. What would have been your plan to resolve these crises? I stay in Juneau, AL.
Solution:

First of all, you need to work with a legal debt settlement firm in Alaska. However, if that debt relief measure tanks, then you'll have to opt for bankruptcy, as there's little choice left for you at this stage of your financial health.
Secondly, never use a secured loan like a refinanced home loan to pay off an unsecured debt like credit cards. It'd devastate your financial condition further as you're using a secured loan that has a collateral, i.e., your home to pay off an unsecured debt like a credit card, which has no collateral. In case, you fail to pay back the refinance loan, then your lenders may have your home foreclosed and drive you out of your home as a result of it.
Thirdly, you can use the $95K refinance loan to pay off your rental home mortgage. It'll ease up your financial tightness to some extent.
Finally, consult a credit counselor to create a chart out a proper map to resolve your debt problems.

How much
you can save
in Alaska


FAQ on Wales, Alaska consolidation and settlement

I have some unpaid credit card bills and 5 internet payday loans. I have been getting collection calls for the last few days and I'm not sure how they got the details of my cc bills. Can you suggest what to do? I'm in Wales.
Ans: Some of your cc accounts have been sold off to collection agencies. Just ask your creditors who they sold your accounts to. You can even ask the CAs to validate and prove that you owe the money.
Once the CAs have given you enough proof that you owe the debt, negotiate an alternative payment plan with them. If you can't afford to pay on all of your bills, a Wales consolidation program can help you. This will make it easier to manage your monthly repayments.
I have 5 credit card accounts, a few of them exceed the credit limit. Can an Alaska debt consolidation program protect me from legal actions by creditors?
Ans: You can enroll in Alaska consolidation programs and replace multiple credit card bills with one monthly payment you can manage. The consolidators will negotiate with your creditors to lower your interest rates and waive off any late fee or over-limit charges you have accumulated on your bills. Once you start paying under an Alaska consolidation program, you can avoid getting harassed or sued by creditors.
My sister has several medical bills listed on her credit report. These bills have been sent to collection agencies in Wales. Will it help if she pays off the bills? Can consolidation or settlement help her clear the debt?
Ans: Yes, your sister should pay off the bills to raise her credit score. A collection listing on any account brings down a credit score by about 50 points. So it is essential that your sister pays off the collection accounts to avoid legal actions such as judgment, wage garnishment, etc.

What your sister can do is, get enrolled in a Wales consolidation program and let a consolidator work with the CAs to reduce the interest rate on her bills and make the payments affordable. Wales consolidation programs can help substitute several bill payments with a single monthly payment. So, your sister does not have to deal with several creditors/CAs or keep track of several bills payable at different interest rates.

Alternatively, your sister can enroll in an Alaska debt settlement program and reduce her outstanding balance so that it becomes easily manageable.Learn more...


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