If you're experiencing financial hardship and cannot pay your bills in Oklahoma, ignoring the bills and creditor calls/letters won't help you. The best thing to do is to explore the various options to manage your bills and get better control over your finances. One way you can pay down your debt is by going for an Oklahoma debt consolidation program.
How does Oklahoma debt consolidation work?
Consolidation is all about merging your multiple bill payments into one manageable monthly payment at a low interest rate. You can consolidate bills by getting professional help or by doing it on your own.
When you seek professional help to consolidate your bills, you'll come across 2 options - an Oklahoma debt consolidation program or a personal consolidation loan. Here's a brief description of how each option works:
Consolidation program:If you have multiple bills, going for a consolidation program makes sense, because it'll save you time and money. What you do is, enroll with an Oklahoma consolidation company and let a consolidator negotiate with your creditors to have your interest rates, late fees, and over-limit charges lowered.
Instead of paying multiple bills to individual creditors, you'll only have to make one payment to your consolidator every month. This amount will be distributed amongst your individual creditors, so, you'll pay off multiple accounts like credit cards, personal loans, auto loans, and payday loans. With Oklahoma debt consolidation, you can repay your bills and get rid of creditor harassment without having to file for bankruptcy.
Personal consolidation loan:
If you want to get rid of bills with a single payment, you should take out an Oklahoma debt consolidation loan. It is essential to have good credit and a steady income if you want to qualify for the loan.
How do you select the right consolidation service?
Follow the steps below in order to choose the best consolidation company:
- Compare Oklahoma consolidation companies, their programs and fees.
- Check how reputable the company is, and what accreditations it has.
- Go through the client testimonials provided by the company.
- Find online reviews/complaints against the company.
Avg credit card debt: $5,378
Delinquency rate on (credit card): 1.78%
Mortgage debt: $126,198
Delinquency rate on (Mortgage): 2.54%
Auto loan debt: $21,310
Delinquency rate on (Auto loan): 1.74%
Unsecured personal loan debt: $9,551
Delinquency rate on
(Unsecured personal loan): 6.74%
Which is better - An Oklahoma debt consolidation program or a loan?
An Oklahoma consolidation program is better for those who can continue with monthly payments on their bills if their interest rates are reduced. A consolidation program will help you pay off your bills within 4-6 years. A consolidation loan takes a long time to repay and you'll end up paying more in interest over the life of the loan. Moreover, there are lenders who may charge hidden fees, which will cause you to pay more than what you're charged with an Oklahoma consolidation program. Therefore, considering the total interest and the costs, a consolidation program may be better than an Oklahoma consolidation loan.
Are Tulsa debt consolidation programs somewhat different?
Consolidation programs in Tulsa work the same as any other Oklahoma debt consolidation program. However, not all consolidators are able to negotiate a reduction or waiver of late fees and other penalty charges. It depends upon what your creditors or collection agencies are willing to accept.
What is Oklahoma debt settlement all about?
Oklahoma debt relief companies offer settlement programs where negotiators communicate with creditors to have your outstanding balance reduced. Therefore, you can be assured that you'll be able to get rid of bills by paying much less than you owe.
However, when you enroll in an Oklahoma debt settlement program, you need to save money for a lump sum settlement payment while the settlement company negotiates with your creditors.
Because you end up paying less than what you originally owed, your credit score will decrease. However, with proper budgeting and financial advice provided by the Oklahoma debt settlement company, your credit score will improve with time. Learn how to repair credit after settlement.
My income here in Europe isn't enough to cover all the extra costs (like exchange rate) plus my debts I had back in US. Even my rental income doesn't meet the mortgage and condo fees. As a result, I'm unable to send enough money to cover all my expenses.
I've always made on-time payment, but this may not continue for long, as I can hardly pay up the minimum balances at the moment. Should I file for bankruptcy? Have a nice day. Thanks.
You can certainly file bankruptcy, provided most of your assets are here in OK. Work with an Oklahoma bankruptcy attorney to file for the most suitable type of bankruptcy (BK).
Per the basic BK venue rule, mentioned in 28 U.S.C. section 1408 of the Bankruptcy Code, says that a BK case can commence in your district of residence/domicile or principal place of business in the US, or principal assets in the same. As you're the subject of the case, your asset should be located at least 180 days before the commencement of your BK case.
Should you file for bankruptcy or not will depend on your total disposable income, assets you own, & the exemptions you could enjoy in OK. A bankruptcy attorney can be the most effective person to deal with your case. Other than that, you can consult other meaningful ways to shed your debt burden; some of them are debt settlement or consolidation. Based on an analysis of your present financial condition, a debt expert can help you take advantage of the apt debt relief option for you.
Moreover, you can have your mortgage loan refinanced to lower the interest rate on it. As a result, your monthly mortgage payment amount may become affordable for you. However, you need to find out the break even point of the refinanced loan, and it should save you at least 3-5% of the current mortgage payment.