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If you're trapped by debt in Oregon and all you need is a reduction in interest rates or principal debt amount, you should consider getting help from Oregon debt consolidation or settlement services.

Oregon debt consolidation - How it works

There are 2 ways you can consolidate bills in Oregon:

1. Getting professional help:

This is where you enroll in a consolidation program. You can go for Oregon debt counseling and if it’s suitable for your financial situation, the counselor will offer an Oregon debt relief program to you. Here's how you consolidate bills with professional help.

 Consolidation program

Also called debt management, this plan is offered by an Oregon debt consolidation company which contacts your creditors to lower your interest rates to reduce your monthly payments. The company also negotiates to reduce the extra fees incurred due to late payments or over-the-limit charges on credit cards.
With Oregon credit card debt consolidation programs, you can combine multiple bills into one monthly installment. Throughout this process, you make a single monthly payment to the company which distributes it to your creditors. Take a look at the benefits of consolidation. However, make sure you ake help only from reputable debt consolidation companies.

 Consolidation loan:

There are banks and lenders that offer debt relief assistance by providing unsecured personal loans to help you consolidate multiple bills into one loan. This loan is available at a low interest rate but the loan term is long (around 15 years). So, your monthly payments may be low, but the interest you pay over the entire term is more than you may be paying on your bills. Thus, you may save money each month but your savings may be offset by the total interest you pay.

2. Do it yourself:

Instead of getting help to negotiate your debts, you may do it yourself. All you have to do is determine how much you can afford to pay each month. Look into your budget and check how much you're able to save monthly.

Then calculate your outstanding balance using the debt calculators and work out a payment plan you can afford. Once this is done, start negotiating lower interest rates with your creditors and collection agencies. Just check the guidelines for contacting creditors before you negotiate in writing.

State of Oregon (OR)
map of Oregon state in USA

 Avg credit card debt: $5,248
Delinquency rate on (credit card): 1.10%

 Mortgage debt: $206,599
Delinquency rate on (Mortgage): 1.70%

 Auto loan debt: $16,855
Delinquency rate on (Auto loan): 0.58%

 Unsecured personal loan debt: $12,575
Delinquency rate on
(Unsecured personal loan): 2.21%

Payday loan laws >>


Balance transfer may work for you

If you have unpaid credit card bills and you want to combine all of them into one, apply for a low-interest balance transfer card. Or, you may shift the high-interest balances to the lowest-interest card you have. So, you'll make a single monthly payment instead of many. It's simpler and easier to manage.

Prior to going for a balance transfer, check the following:

  •  Balance transfer fee: Prior to the Credit Card Reform Act, 2009, a balance transfer fee was usually assessed at 3% but most card issuers have increased it to 5% or more. So, you need to check the fee before you transfer card balances.
  •  Introductory rate & period: If you apply for a 0% introductory rate card for a balance transfer, check how long the introductory rate will last. Since the Credit Card Reform Act has been enforced, introductory rate periods have reduced from 18 months to 6-12 months. So, if it's possible for you to pay your bills completely within 6-12 months, then balance transfer is a good idea.
  •  Effects on your credit score: Try to find out whether your credit scores will take a hit if you go for a balance transfer. Usually, applying for a new card can hit your credit score in the short term as it shows you're in need of money.

Oregon debt settlement - How it helps you

If lowering the interest rates doesn't make your monthly payments affordable, it's better to negotiate a settlement with your creditors. If you need help negotiating your debts, enroll with an Oregon debt settlement company. They offer settlement programs where they communicate with your creditors to cut your debt amount. Here's an example of how settlement works:

Suppose you have 3 credit cards, 2 payday loans, and a medical bill and you'd like to settle your bills. The outstanding balances are:

Credit cards = $70,000
Payday loan balance = $20,000
Medical bill = $20,000

So, the total amount you owe = $110,000

If you're able to include all your accounts in an Oregon debt settlement program, your outstanding balance is likely to reduce to = 60% of $110,000 = $66,000

So, you'll save around = $44,000.

Settlement helps you to get rid of bills fast, but you need to understand the pros and cons before trying it. Check the pros and cons of settlement.


Case study

ScenarioHello, I'm seeking help for the following credits. I have a monthly car loan payment @650 at 2.11%. I've checked my recent loan papers and it shows I have $16,000 as outstanding. I'm servicing a car loan too at 4.1% @350 with $15,700 marked as outstanding. My student loan payment is $170 a month for $6,000 @6.9%. I'm confused whether I should pay off all the loan right away? Or should I pay back the student loan, as it's charging me the highest? I don't have enough money to pay off all the loans at one go, but would choose to mix and match my repayments. Wouldn't it be good if I continue to make the monthly payments and keep all the savings as they are? My savings now is $28K.
Solution "You've got it right... paying off a debt in lump sum amount is a sound financial strategy because it'd free off a lot of liquid cash for you to plan your next move. However, if you keep making the minimum monthly payments, then you may end up paying more on the loans in the long run. Once you're debt free, you can save a lot of money that were spent to cover the interests or additional charges applied on the loans. Begin with paying off your car loan at once. But make sure you've got the permission to pre-pay loan without inviting any penalty from the lender. Once you've done that, you can trade your guns toward your student loan. It's a no-brainer at this point that you can easily repay it and become debt free. However, you may seek professional help, if all these overwhelms you. Still, you could do well by using a personal budgeting application to chalk out a well-rounded debt repayment plan. Better still, you use a suitable debt calculator to find out how much you'd need to pay and the amount you'd save after making the loan repayments.

How much
you can save
in Oregon


FAQ on Oregon debt consolidation and settlement

I've got 7 payday loans with an outstanding balance of $10,000 and 2 credit card bills that I owe $25,000 on. I'm struggling to manage these bills and my creditors have become quite aggressive with their phone calls. How do I get out of this mess? Is it a good idea to consolidate credit card debt along with the pdls?
Ans: If you want to consolidate multiple bills into one monthly payment, you should enroll in an Oregon debt consolidation program. It'll help lower your monthly payments so that you can save more. Other than negotiating lower interest rates, the Oregon debt consolidation company will also guide you on how to tackle your creditors.
However, when you opt for Oregon debt relief assistance, if the counselor finds that consolidation might not work for you, then he/she may ask you to choose debt settlement in Oregon. By enrolling in an Oregon settlement program, you can clear your debts by paying less than what you owe. You can opt for debt consolidation in Oregon to consolidate some of your bills and settle others with a relatively high outstanding balance. Doing so, It is a little better for your credit report than settling all your debts.
I've racked up credit card bills worth $50,000 and I'm unable to keep up with the monthly payments. The creditor isn't willing to negotiate lower interest rates. I was just thinking of joining an Oregon debt settlement program. But are these programs legal?
Ans: Yes, Oregon debt settlement programs are a legal solution to debt problems. However, you should check the company profile, accreditation, and other details before choosing a company to deal with. You can also explore the Company Ranking Chart where you'll find a list of reputable Oregon consolidation/settlement companies to choose from.
I have $70,000 on 8 credit cards. Though we are current on them, yet I'm worried about whether I'll be able to continue payments. I do try and stick to my budget but there's nothing extra I can put towards my balances. What should I do?
Ans: If you can't manage your bills even after planning a budget, you should approach a credit counseling agency. They will analyze your situation and help make changes to your budget so that you can save more to put towards your debts. However, if you face problems managing your bills even after you've been budgeting your expenses, the credit counseling agency may offer you a debt management plan. Under this plan, the agency negotiates lower interest rates with your creditors and makes your monthly payments affordable.
I had 2 medical bills of about $2000 for last 7 years. Actually, I have recently found it out. I had no clue about this unless I got a call from collection. I thought that my parents had already paid these medical bills. Should I dispute them?
Ans: First of all, since it is about 7 years, check out the SOL (Statute of Limitations) period of medical debt in Oregon. Usually, it is 6 years in Oregon. So, you won’t have to pay a cent on that debt. A medical debt usually stays on the credit report for 7 years. If you would have considered paying these bills a couple of years back, you could have opted for debt consolidation for medical bills. But now, no one can can pursue you to pay the bills after the SOL period is over. However, check out the SOL period carefully before you make any decision.