If you're feeling trapped by credit card bills or other debts in Indiana, you may be better off trying Indiana debt consolidation or settlement. Consolidation will help you to combine your unsecured bills - credit/store cards, personal loans, payday loans, etc. into a single monthly installment. But settlement will enable you to get out of the obligation by paying less than the full amount you owe.
Indiana debt consolidation - 3 Major options to watch out for
If you're thinking "How do I consolidate my bills?", look through the options explained here.
Consolidation programThis is one way of consolidating your bills into an affordable monthly payment and saving money on interest. What you need to do here is attend a free counseling session with an Indiana consolidation company. A consolidator at the company evaluates your financial strength, and based on how much you can afford, he/she recommends the best option for you.
Consolidation loanAn Indiana consolidation loan helps you to combine several bills into a single loan that carries an interest rate that is much lower than the average rate you've been paying on your bills. Learn more about Indiana debt consolidation loans before you apply for one.
Balance transferThis is a self-help option to repay your credit card bills. Here, you take out an interest-free card having a zero percent introductory rate period of 12-15 months and transfer all your balances into the new card. Before you apply for a card, find out if you'll be able to pay off your bills within the introductory period. After the introductory period is over, your interest rates will increase significantly and make it harder for you to repay the large outstanding balance.
Avg credit card debt: $4,956
Delinquency rate on (credit card): 1.49%
Mortgage debt: $119,224
Delinquency rate on (Mortgage): 2.10%
Auto loan debt: $16,230
Delinquency rate on (Auto loan): 1.26%
Unsecured personal loan debt: $10,634
Delinquency rate on
(Unsecured personal loan): 2.19%
When you begin with an Indiana debt consolidation program, the consolidator negotiates with your creditors or collection agencies so that they agree to cut down your interest rates and even eliminate/reduce late payment fees or over-limit charges. Thus, with an Indiana consolidation program, your monthly repayments are reduced significantly thereby giving you relief from the burden of spiraling bills.
Alternatively, you can transfer all your balances into an existing low interest card. Doing this will not help you make interest free payments but at least you'll be able to lower your interest and monthly payments. Learn more about balance transfers from the information available on Do it yourself consolidation.
Apart from dealing with an Indiana consolidation company or a bank offering consolidation loans, you can take advantage of online consolidation services that offer help and advice on how to pay off your bills.
Debt consolidation in Indianapolis
Consolidation program and loan available in Indianapolis are the same as other Indiana consolidation programs or loans. However, Indianapolis debt consolidation companies may charge an enrollment fee, while others may require you to pay minimum fees for their services while they are helping you. There are non-profit companies as well. These companies may ask you to make voluntary contributions to take advantage of their consolidation services.
Try out Indiana debt settlement if you can't consolidate bills
If you're not comfortable with paying on a monthly basis because you're experiencing financial hardship or job loss, you can look for a part time job and try to settle your bills by getting enrolled in an Indiana debt settlement program. When you enroll in the program, the representatives at the settlement company negotiate with your creditors in order to reduce your outstanding balance . Indiana debt settlement also saves you from paying a large amount of late fees and over-the-limit charges on credit cards.