When you're having financial difficulties in Nevada, you have several options to help you pay your bills and avoid creditor/collection agency harassment. One option is Nevada debt consolidation where multiple bill payments are replaced with a single monthly repayment that's easy to manage.
Nevada debt consolidation program and loan
Whether you're in Las Vegas or any other city in Nevada, you'll come across 2 options to consolidate multiple bills. Below is a brief outline of how each option works:
Option 1Enroll in a consolidation program
Consolidation companies negotiate with your creditors to lower interest rates on credit cards, payday loans, medical bills, and other debts. These companies negotiate lower interest rates with creditors and collection agencies so you can pay off your bills in easy monthly installments. All you have to do is pay a fixed monthly payment to the Nevada debt consolidation company and the company will distribute your payments to the individual creditors. Learn more about a consolidation program.
Option 2Applying for a consolidation loan
If you'd like to pay your bills with a lump sum payment, you should apply for a personal consolidation loan offered by financial institutions in Las Vegas and other cities in Nevada. Consolidation loans help you pay down your bills in one big installment. After you pay off your bills, you're left with the Nevada debt consolidation loan that requires you to make low monthly payments. Use the calculator below and find out when you'll be able to pay off your bills and how much you'll save by consolidating your bills with a Nevada consolidation loan.
Benefits of consolidation in Las Vegas, Nevada
Consolidation programs and loans offer a number of benefits to those who use them to pay down their bills.
Benefits of consolidation program:
- You can lower interest rates on your bills
- Monthly payments become manageable
- Penalty charges and over-limit fees may be reduced/waived off
- You can eliminate creditor and CA harassment
- You can avoid filing bankruptcy
As you pay off your accounts, your credit score will increase. Learn more about the benefits of consolidation program.
Advantages of a consolidation loan:
- Pay off past due accounts with lump sum cash
- Replace multiple bills with a small monthly repayment
However, one disadvantage of a consolidation loan is that you'll end up paying more in interest over the life of the loan.
How to avoid tricks and traps of Las Vegas, Nevada consolidation
It's essential to learn all the tricks and traps a consolidation firm can use to scam you.
Do not borrow more than you needWhen you take out a Nevada debt consolidation loan, make sure you don't borrow more than you need. There are lenders who may offer lower interest rates depending on how much you borrow. However, this could lead to problems if your financial situation worsens.
Watch out for prepayment penalties
Avoid buying credit protection insurance
However, most lenders don't tell you that credit insurance doesn't cover you for the entire life of the loan. In most cases, the insurance will only cover the first 3-5 years of the loan. So, even though you pay the premium for the entire life of the loan, it only protects you for a short time.
Watch out for consolidation fees and loan costs
FAQ on Las Vegas, Nevada debt consolidation
Las Vegas Office
555 E. Washington Ave Suite 3900
Las Vegas, Nevada 89101
Phone - (702) 486-3420
Fax - (702) 486-3768
Nevada debt settlement - An alternative to consolidating bills
If you don't think you can pay your bills with a Nevada debt consolidation program or loan, you can try to settle your debt. If you don't feel like you can negotiate with them on your own, get help from a Nevada debt settlement company to work out a fair deal with your creditors and CAs. Learn how a settlement program works, before you choose a company to negotiate on your behalf.