If you've accumulated a lot of debt in New York, you're tired of harassing creditor calls and you want to lower your monthly payments or reduce the outstanding balance, New York debt consolidation and settlement may work for you.
3 Things to watch out with New York consolidation and settlement
If you're considering New York consolidation or settlement as the solution to your debt problems, check out the 3 things you should be aware of.
When to choose consolidation or settlement
On the other hand, if you can't make the minimum monthly payments on your bills and you want to lower your outstanding balance, try getting help of New York debt settlement programs.
How New York consolidation and settlement work
If you want to pay back all your bills in one lump sum payment, then you should choose a consolidation loan. However, you should have a good credit rating and make sure you're willing to manage a long term consolidation loan first.
Now, if you want to settle your debts, enroll with a New York debt settlement company and start saving some money in a trust account set up by the company. Once you accumulate enough savings, the New York debt settlement company will start negotiating with creditors and reduce your debt. Learn more about a settlement program.
What fees you need to pay
Tips on New York consolidation and settlement
When you choose to consolidate or settle your bills anywhere in New York State (such as New York City or Erie), follow these 3 tips.
- Avoid making large purchases using your credit cards.
- Do not apply for new loans or credit cards.
- Budget your expenses to better manage your money.
Benefits of New York debt consolidation
When you choose a consolidation program or loan, you'll get the following benefits:
- You can pay off your bills at a low interest rate.
- You can replace multiple bills with one manageable payment.
- Late fees and over-limit charges on credit cards can be reduced or waived off.
- While you make payments, creditors or CAs will not harass you.
Benefits of New York debt settlement
When you choose a New York settlement program, you'll get the following benefits:
- You pay less than what you owe.
- Avoid legal actions.
- Get rid of harassing calls from collection agencies.
- You can pay off bills in 2-4 years' time.
New York City debt consolidation and settlement
New York City consolidation and settlement options are the same as any other New York state consolidation or settlement options. The fee structure for a New York City consolidation program or loan is also the same as in any other city in New York.
New York consolidation and settlement FAQ
Office of the Attorney General
Albany, NY 12224-0341
Find out the contact information for the regional offices in a previous forum discussion.
New York debt consolidation and settlement companies provide you with options to clear your bills and get you out of your payment problems. However, when you consolidate or settle your bills, make sure you change your spending habits and try to save money to avoid problems in future.