When you're struggling to pay your bills on time and creditors or collection agencies are contacting you to collect on old debts, you should consider choosing an Arkansas debt consolidation or settlement program to get rid of your debts.
Arkansas debt consolidation program - How it worksWhen you enroll in an Arkansas debt consolidation company, the company negotiates with your creditors so that they're willing to accept your payments at a lower interest rate. This decreases the amount you pay every month to make your payments manageable. Then all you have to do is make your monthly payments to the consolidation company. With a consolidation loan, all of your high interest loans are consolidated into a single monthly payment. Find out more...
Benefits of Arkansas consolidation
When you consolidate your bills in an Arkansas debt consolidation program, you get the following benefits:
- The interest rates on your bills will be lowered.
- Your multiple bills are replaced with one manageable monthly payment.
- Late payment fees can be partly or completely erased.
- You don't need to deal with creditors directly.
Get further details on the 8 benefits of consolidation.
Arkansas debt settlement - What it is all aboutArkansas settlement is all about getting rid of your bills by paying much less than what you owe. There are settlement companies that offer programs where they'll work with your creditors or collection agencies to reduce your outstanding principal balance.
Benefits of Arkansas debt settlement
You'll get the following advantages in an Arkansas debt settlement program.
- The amount you owe on your bills will be reduced.
- Penalty fees can be minimized or erased completely.
- Lawsuits, judgments, and garnishment can be avoided.
Avg credit card debt: $4,968
Delinquency rate on (credit card): 1.99%
Mortgage debt: $119,707
Delinquency rate on (Mortgage): 2.26%
Auto loan debt: $21,275
Delinquency rate on (Auto loan): 1.54%
Unsecured personal loan debt: $13,254
Delinquency rate on
(Unsecured personal loan): 2.55%
How to decide between consolidation and settlement
To decide whether to consolidate or settle credit card debts, medical bills, etc., you need to find out if you're able to make the minimum monthly payments. If not, then you should settle your bills instead of consolidating them. However, if you think you'll be able to make monthly payments after your interest rates have been reduced, you should consolidate your debts in an Arkansas consolidation program.