Credit Counseling: Wayne (PA)

PA Debt Relief

So you want to get your debts paid off and start reestablishing your credit? In that case, we can help.

We work with credit counselors and debt management agencies in Wayne to get you the help you’re looking for.

Today, a large number of credit counseling businesses in Wayne are bankrolled at least in part through kickbacks” from the credit card providers. This means that virtually all credit card counseling companies are quite affordable.

>> Get a Free Cost Credit Estimate!

Lenders want to know how much you make compared to how much you owe. There are benchmarks that will inform you of what sort of financial situation you’re in.

Pay DTI Debt Degree?
$1,772 36% $638 Fantastic
$1,772 43% $762 OK
$1,772 50% $886 High Alert

Managing Debt in Wayne, PA

Debt Counseling Wayne PA

If you’re in more than $10,000 of debt, your credit counseling expert might want you to participate in a debt management plan. A debt management program is a means of consolidating debt, because your credit card, loan, and other debt payments will be combined into a single amount. However, no loan is required, as opposed to various other methods of debt consolidation in Wayne, PA.

Essentially, your credit counseling agent will deal with your creditors directly.

The majority of credit counseling companies try and have your debts paid in full in 36-60 months. While this shouldn’t make your credit rating go down, it may be harder to get approved for new a credit line. Then again, if you were to settle your credit balances for a smaller sum through Wayne debt settlement, your credit rating would probably be severely impacted. Debt consolidation loans in Wayne may shield your credit rating, as they pay off all the money you owe at once. However, this strategy can be perilous. Since of course, you could lose the property you used to secure the loan, normally your home.

How to Avoid Credit Counseling Scams in Wayne (PA)

All in all, credit counseling has been vetted by the Federal Trade Commission and other governmental authorities, but there are many of ways to be certain that your Wayne credit counseling company is reputable:

  • Ask for referrals
  • Check their qualifications
  • Be sure that your specialist is certified

Keep in mind that being a nonprofit isn’t going to always mean that a credit counseling service is legitimate, and for profit doesn’t signify they’re disreputable.

>> Get Your Free Debt Analysis Online

Credit Counseling Wayne PA

To find out how much credit counseling will save you, you need to seek the advice of a debt relief expert, but your credit counseling agency usually can secure cheaper annual percentage rates and fees. Let an experienced credit specialist take a look at your finances and offer a savings estimate.

Fees Associated with Credit Counseling Services: Wayne, PA

Credit Counseling Wayne PA

Enrollment in a debt management plan should not be more than $75, and the monthly fees should be no more than $40. How much will your payments be? Usually 2.5% of the amount you owe.

Here is a breakdown of how much your monthly payments would be, given various stages of debt.

Debt 2.1% 2.5%
$15,000 $315 $375
$25,000 $525 $625
$35,000 $735 $875
$45,000 $945 $1125
$55,000 $1155 $1375
$65,000 $1365 $1625
$75,000 $1575 $1875
$85,000 $1785 $2125

Credit Counseling and Bankruptcy: Wayne (PA)

Bankruptcy Counseling Wayne PA

Have you been considering filing for bankruptcy? You aren’t the only one. There are 30,892 people living in Wayne, PA, and it’s estimated that 81 have gone into bankruptcy. Before declaring bankruptcy, you will be required to attend an accredited credit counseling program and obtain a certificate to present during your bankruptcy case.

Consultations can be in person, on the phone, or via the internet.

Not every nonprofit credit counseling program is approved. To find approved bankruptcy credit counseling programs for Wayne residents, check this page. Or alternatively, you can speak to a skilled credit advisor:

Wayne PA Credit Counseling

Credit and Debt Counseling Agencies in Wayne, PA

  • Instant Courier Service, 5 Hillside Rd, 19087