Whether you have college loans, equipment loans, credit card or other debt, we're committed to helping you find a better, more cost-effective solution to becoming debt-free.
Our business is finance. Don't hesitate to contact us regarding debt; we're here to help - it's what we do for a living!
Debt Consolidation is the process of taking out a single loan to pay off existing creditors. Depending on the type and interest rates of the debt, consolidation can often times save hundreds if not thousands of dollars!
For example: To be debt-free in two years with $3,000 debt on two credit cards at 17% APR each will generate $1,120 of interest charges, with monthly payments of $297.
The same debt, consolidated in a 2-year loan and financed at 8.0% APR, will have $607 less interest at a payment of $272 per month. Or, maintaining the same payment of $297, the loan would be paid off 2 months early AND save another $45!
In addition, consolidating debt can help improve your credit score/track record by simplifying the payment process - fewer due dates, fewer creditors, fewer chances of missing payments - especially when enrolled in our automatic payment system.
Debt Consolidation is the preferred method to becoming debt-free, and is the only method that doesn't potentially add harmful information to your credit report. Settling your debt (paying less than you actually owe) may create a negative mark in your credit report. Working with a debt management program may also appear in your credit report, which some lenders may use when determining to extend you new credit.