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If you're troubled with debt in Rhode Island and you're looking for fast relief, you can try Rhode Island debt consolidation. This is where you combine several bills into one monthly payment that's easy to manage.

Rhode Island debt consolidation - Ways to do it

There are 3 ways you can consolidate debts in Rhode Island. These are:

1. Getting enrolled in a consolidation program

You contact a consolidation company and attend a free counseling session where the consultants analyze your financial situation in order to find out whether a Rhode Island consolidation program will work for you.
When you enroll in a program, a debt consultant helps you plan your budget and determines how much you can pay each month. They negotiate with your creditors and collection agencies to have your interest rates reduced. So, a Rhode Island debt consolidation program or debt management program helps you merge multiple bills into just one payment each month. Learn more...

2. Taking out an unsecured personal loan

Approach a bank or a private lender and apply for an unsecured personal loan to consolidate your bills. With a Rhode Island debt consolidation loan, you clear your debts in a lump sum payment. A consolidation loan usually requires you to make small monthly repayments but you actually end up paying a high interest in total, because the repayment period is quite long. Learn more...

3. Consolidating bills on your own

If you have multiple credit card bills and you're looking to consolidate them on your own, you can simply transfer the balances from your high-interest cards into the card with the lowest rate. This will lower your monthly payment and help you save more.
When you transfer balances, watch out for the balance transfer fees you need to pay. Most creditors usually charge 5% of the balance transferred. Other than shifting balances into an existing card, you can also take out a new card having a 0% introductory rate for 6-12 months. It's worth transferring your balances into a 0% card if you can pay off your bills within the introductory period because you don't need paying any interest during that period and you save your money. You will need to pay balance transfer fees to transfer your debt to a new card as well.
State of Rhode Island (RI)
map of Rhode Island state in USA

Avg credit card debt: $5,367
Delinquency rate on (credit card): 1.52%

Mortgage debt: $184,433
Delinquency rate on (Mortgage): 2.66%

Auto loan debt: $14,185
Delinquency rate on (Auto loan): 1.02%

Unsecured personal loan debt: $10,640
Delinquency rate on
(Unsecured personal loan): 1.93%

Payday loan laws >>

Rhode Island debt settlement - An alternative to consolidation

Other than a Rhode Island consolidation program, there are options like Rhode Island debt settlement that will help you get rid of your obligations faster. However, when you settle debts, you pay much less than what you owe. Although this gets you out of debt faster, your credit score takes a hit because you pay less than the full amount. You can settle bills on your own or enroll with a Rhode Island debt settlement company where a consultant negotiates your debts down from the original amount. When you enroll in a settlement program, you start depositing an amount of money into a trust account the settlement company will create. Once you have saved a certain amount, the Rhode Island debt settlement company starts negotiating with your creditors to get them to accept a lower payment amount. With a settlement, you get the following benefits:

  • Pay much less than what you owe
  • You get out of debt legally
  • You can avoid lawsuits and garnishments
  • You have someone to negotiate with creditors on your behalf

How much
you can save
in Rhode Island

FAQ on Rhode Island debt consolidation and settlement

I have unpaid credit card bills and I'm not sure whether I can pay them off. Is there a chance I'll get sued by my creditors?
Ans: Depending upon the total outstanding balance on your cards, your creditors may or may not sue you. Most creditors want to retrieve their money rather than filing a lawsuit against you. So, they may assign a third party collection agency to collect the debt on their behalf. In order to prevent your creditors from suing you, get help from a Rhode Island consolidation or a settlement company and manage your bills effectively. Learn more...
I'm managing 8 internet payday loans. I haven't defaulted on any but they keep taking money out of my account and I barely have enough to pay off the loans. Please help me.
Ans: You can consolidate them with a Rhode Island debt consolidation program. It'll help reduce your monthly bills and eliminate your stress. Check out these details on how to consolidate payday loans
I applied for a Rhode Island debt consolidation loan to pay off credit card bills worth $80,000. But the interest rate they offered is too high, around 21%. What should I do? I need help in paying down the cards.
Ans: The best thing to do is cancel your loan application because the interest rate they're offering is quite high. A consolidation loan usually comes with a low interest rate that helps you pay it off with low monthly repayments. So, if you're having trouble finding the right loan, you should cancel this loan application and get help from a Rhode Island consolidation or a settlement company. They'll negotiate with your creditors and have your interest rates or outstanding balance lowered. So, it will reduce your debt burden and make your payments affordable.