Montana Debt Consolidation ServicesAugust 17, 2022
Montana’s economy may be firing on all cylinders, but that doesn’t mean everyone in the state is flourishing. Based on Freedom Debt Relief’s June 2022 Credit Card Utilization Data, the average credit card utilization of people looking for debt relief in Montana is 74%. By comparison, per Experian, the average credit card utilization in the US in 2021 was 25%. High credit card utilization, in general, implies a greater likelihood of needing debt relief services.
Debt Consolidation Loans in Montana
If the high cost of living means that you’re making payments to multiple creditors every month and falling behind, you may want to consider combining all your debts and paying them off with a debt consolidation loan. In addition to letting you pay off all your creditors with the loan, it simplifies your payment schedule as you only have one monthly payment to the lender to keep track of.
While making a single payment may be more convenient, you need to consider how much it will cost you overall. A debt consolidation loan may mean you have a lower monthly payment, but you could end up paying higher interest rates over the course of the loan. Only take out a loan if you’re able to make the payments on time and in full.
Be aware that many personal or consolidation loans require collateral, which means you secure the loan by putting up a high-value asset you own. When you agree to the terms of the loan, you’re agreeing to forfeit the asset to the lender if you fail to repay. So if you use either your home or your car as security, you could lose it if you default on the loan.
If you don’t have a high-value asset, certain lenders offer unsecured loans that don’t require collateral. But they typically come with higher interest rates because the lender is taking on more risk. High interest over a long repayment schedule could add up to a lot of money—on top of the debt you already owe. Debt consolidation loans aren’t right for everyone. If your debt is under $10,000 then consolidating might not be the right strategy for you.
Request a free debt evaluation to find out how we could help you:
- Resolve your debt faster
- Significantly reduce what you owe
- Make one low monthly program payment
Montana Residents and Debt
Many Montanans don’t have enough to make it through the month, let alone build savings. Sometimes the only solution is to turn to credit cards to make up the difference. But unless you pay off the entire balance each month, chances are you’re going to end up with mounting debt. Take a look at how Montana measures up for credit card debt and payment delinquency against the country as a whole: Credit Card Debt
Average debt in Montana: $4,565
National debt average: $4,965
US rank: 39th
Cardholders More Than 90 Days Late on Payments Montana rank: 49th
State delinquency rate: 0.37 percent
US average: 0.57 percent
Statute of Limitations for Credit Card Debt
Montana: 8 years
US average: 5.4 years
Take charge of your finances today. Don’t live with the stress of mounting debt any longer. Discover whether debt consolidation or another debt-relief option is the right choice for you and look forward to a debt-free future. Freedom Debt Relief is always here to help you weigh the options. Contact our Certified Debt Consultants today at 800-910-0065 to find out which method makes the most sense for your unique situation.