Just how many consumers need debt relief in Lancaster, PA? We believe that 12,562 of Lancaster’s 149,863 consumers need debt relief. Debt consolidation is a somewhat affordable method of getting rid of debt.
Generally, debt consolidation means working with a credit counseling agency in Lancaster, Pennsylvania to participate in a debt management program. Your debt specialist will negotiate more favorable interest levels and terms from your credit card providers. Ready to become debt free? Get in touch with a debt consolidation service in Lancaster, PA. It’s free!
Of the 12,562 people in Lancaster needing some form of debt relief, most would be best served by a debt management plan. A DMP provides quite a few benefits:
- Only One Payment Per Month
- Less Expensive Rates
- Reduced Late Charges
Furthermore, debt management plans are one of the cheapest methods of consolidating debt in Lancaster, PA. Enrollment ought to cost no more than $70, and the monthly fee will be $25-40.
Debt Consolidation Loans in Lancaster, PA
The reason for debt consolidation loans is simple: unsecured loans and home equity loans generally come with more affordable rates than credit cards.
The benefits of debt consolidation loans in Lancaster, PA, mirror those of a debt management plan:
- Fewer Collections Calls
- Reduced Annual Interest Rates
- Consolidated Debt
- Less Sustained Credit Score Concerns
Not surprisingly, you need very good credit to get a loan like this. Also, it will not allow you to repay the money you owe any faster. In fact, it may take longer.
Is a debt consolidation loan a good idea?
Payday Loan Consolidation in Lancaster, PA
Many Lancaster borrowers owe payday loans to multiple lending companies. There are 149,863 residents of Lancaster, and it’s estimated that 7,793 end up with at least one payday advance every year. Lamentably, approximately 3,429 of these loan takers are not able to pay back these payday advances, which is almost half! Thank goodness, we can connect you with a payday loan consolidation agency in Lancaster, PA, who can consolidate your Lancaster payday loans into a single monthly payment, take calls from loan companies, and decrease the exorbitant rates of interest associated with payday loans.
Do you want to learn more about payday loan laws and regulations in Pennsylvania? For more information, take a look at this page.
In order to combine your debt, you need to know how much debt you have with respect to your salary.
In an ideal world, only 30% of your income will be dedicated to paying off debts. Such debts encompass everything you owe, whether secured or not:
- Credit Cards
- Vehicle, Student, and Payday Loans
- Mortgage Payments
Let’s consider what this means for a typical resident of Lancaster, PA:
- Income Per Year: $10,729
- Income Per Month: $894
- Recommended Debt Load: $322
- Serious Debt Load: $447
Is your debt load greater than 50%? If so, you need to get in touch with a debt consolidation consultant near you.
Debt Consolidation Policies
In accordance with FTC guidelines, any Lancaster PA debt consolidation organization has to give you an in-depth review of:
- Fee scheme.
- How long before they get in touch with each creditor.
- The amount that must be saved before they will speak with your creditors.
- How your credit score will be impacted.
Stay clear of any debt consolidation organizations which have a history of dishonest practices.
Credit Card and Payday Loan Consolidation Programs: Lancaster (PA)
- Consumer Credit Counseling Service Of Central Pennsylvania, 308 E King St, 17602
- Consumer Credit Counseling Service Of Central Pennsylvania, 308 E King St, #1, 17602
- Credit Bureau Of Lancaster County Inc, 218 W Orange St, 17603
- Credit Laboratory, 447 S Prince St, 17603
- Grbach, Alaine – Grbach Alaine, 1480 Harrisburg Pike, 17601