Debt is one of the largest stressors for Erie residents. It’s easy to figure out how much credit counseling in Erie, PA, will save you.
As for the cost of credit counseling, Erie residents typically find that it’s the most affordable way out of debt.
We estimate that 6,892 of Erie’s 186,871 locals are presently overdue on their monthly payments.
Debt to Income Ratios: Erie, PA
Your debt to income ratio helps to gauge how badly your state of affairs warrants credit counseling. Have a look at a few estimates consistent with a salary of $1,163 monthly. For Erie residents, this level of income is average.
- $419 (36%): Optimal
- $419 to $500 (36-43%): OK
- $500 to $582 (43-50%): Risky
- $582 plus (50%): Critical
Erie (PA) Debt Management
Do you have at least $10,000 of medical or credit card debt or have a DTI of 50% or higher? Then you might need to sign up for a debt management plan (DMP). A debt management program is a type of debt consolidation, in that your credit card, loan, and other debt payments is consolidated into just one amount, but no loans are required. This is different from various other methods of debt consolidation in Erie, PA that use secured loans to pay back your debts. You won’t need to speak with your creditors; your credit counselor will take care of this.
Finding a Credit Counseling Firm: Erie (PA)
As a whole, credit counseling and debt management plans have been recognized by the Federal Trade Commission (FTC) and other federal regulators. But it is important to make sure that your credit counseling organization is a good one. You can do this in many different ways, including reading their customer reviews, examining whether they’re qualified to counsel consumers in Pennsylvania, and looking at their Better Business Bureau page.
Don’t forget, nonprofit status does not guarantee that a credit counseling service is bonafide, and vice versa. Keep in mind, at Debt Relief of PA, we can help guide you to the right counseling or debt management option based on your distinct needs.
How Much Could Credit Card Counseling Help You Save?
If you want to gauge how much credit counseling can save you, you need to speak to a debt expert. Thankfully, your credit counselor can usually negotiate lower interest rates and fees.
A simple analysis of your finances is required to supply you with a precise savings quote.
Credit counseling companies are prohibited from charging upfront fees by the FTC. Though not without cost, debt management is an economical solution for most Erie residents. Enrollment typically costs less than $75, and a fee every month of $25-$30. With regards to the exact payments, you’ll typically be asked to make a payment of 2.1-2.5% each and every month.
Let’s look at a summary of how much we’re talking about, given varying degrees of credit card debt.
Consumer Bankruptcy Counseling: Erie (PA)
We estimate that 488 of Erie’s 186,871 consumers have turned to bankruptcy.
Credit counseling is a legal requirement prior to filing for bankruptcy.
Programs can take place in person, over the phone, or on the web, as long as you obtain the right certificate
Some services are accredited, others aren’t.
For an approved list of approved bankruptcy credit counseling services for Erie residents, click this link. Alternatively, you can chat with an experienced credit professional by submitting this form.
Credit Counseling / Debt Counseling Agencies: Erie, PA
- American Fair Credit Association, 32 W 8th St, 16501
- Complete Credit Services, 12 E 10th St, 16501
- CSA (Collection Service Association), 2501 E Gore Rd, 16510
- Joseph Spero, 3213 W 26th St, 16506
- Cash Cow, 2602 Parade St, 16504