As an idyllic small-town community with easy access to the Atlantic, it’s no wonder Hamilton was named one of the “Best Places to Live” by Boston Magazine in 2010. Not only is this Essex County town known for its natural beauty, it’s also recognized for the excellent school district it shares with the neighboring town of Wenham.
But if you are a Hamilton resident and find yourself burdened with heavy debt, you may be too distracted by debt stress to notice all the great things your town has to offer. Luckily, as a Massachusetts state resident, there are myriad solutions available to help you tackle your debt. Whether it’s debt settlement, debt counseling, or debt consolidation, finding a solution that’s geared specifically to your circumstances could be a lot easier than you think.
Which Debt Relief Solution Is Right For You?
A wide variety of debt solutions are available to Hamilton residents struggling with a large amount of debt. Your ideal solution will depend on factors like your debt amount, type of debt, and credit score, so it’s important to examine your options before you commit. Depending on your situation, one of these options may work for you.
If you live in Hamilton and have more than $10,000 in debt, debt consolidation may be a good option for you. In this process, you take out a loan to pay off all of your outstanding debts at a lower interest rate. Then, you make a single monthly payment to your lender instead of paying multiple creditors each month. Debt consolidation could make it easier to manage your finances and helps you save on interest. Find out if getting a debt consolidation is a good idea for your situation.
Most consolidation loans require you to put up a high-value asset such as a home or a car as collateral. For this reason, a secured loan is a bit of a double-edged sword: on the one hand it can help you get a lower interest rate, which means paying less over time. On the other hand, if you fall behind or can’t make your payments, then your house could be foreclosed on or your car might be seized.
The other option is to get an unsecured loan. These may be harder to come by and usually carry higher interest rates because outside of a binding signature, the lending company doesn’t have a guarantee that you’ll repay the entire loan. An unsecured loan can help simplify the repayment process, but it may also lead to a greater amount of debt in the long-term.
If you can secure a debt consolidation loan at a reasonable interest rate, you may make debt resolution less stressful.
If you’re dealing with a low debt amount but you’re stuck paying a high interest rate, debt counseling might be the right fit. Debt counseling companies offer Debt Management Plans (DMPs) that could help reduce your interest rate on the debt you owe. However, your debt amount needs to be less than 49% of your annual income in order to qualify. Check out debt counseling services in the North Shore area to see if you qualify and get a full list of debt counselors near you.
Dealing with over $7,500 in unsecured debt? Debt resolution may be the best option for you. Also known as debt negotiation or debt, relief, debt resolution is a process where you or a company you hire negotiates with creditors to reduce and resolve your debt. Companies like Freedom Debt Relief have a proven track record of getting great settlements for their clients.
If you choose to work with a debt settlement company, they’ll review your debt situation, create a debt relief plan for you, and set up an account that you make monthly deposits into. After you have accumulated enough funds into your account, the company negotiates with your creditors to reduce the amount you owe. Once the debt settlement company has reached an agreement with your creditor, you authorize the settlement. Then the debt gets paid with the accumulated funds in your program account. The process repeats until all debt has been resolved.
Additional Debt Solutions
There are other options besides debt counseling, debt resolution, and debt consolidation. With a median household income of $72,000, Hamilton residents may have more options that align to their standard of living. For example, you can research minimum payment plans as well as filing for bankruptcy, though these may be less favorable to your situation than those outlined above. By sticking with minimum payments, you may pay more to the creditor over time because of compounding interest. As for bankruptcy, it can be right for some people, but is typically viewed as a last resort—especially with the negative effect on a credit score.
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
Get Expert Guidance
The population of Hamilton, Massachusetts might only be 7,764—but if you’re dealing with debt in Hamilton, you’re not alone. Debt is a major issue that millions of people all across the U.S. are struggling with. Dealing with debt can be scary yet finding the right debt solution can offer emotional relief as you get on the road to financial freedom. To get expert advice about your situation, speak with a Freedom Debt Relief debt specialist at 800-910-0065 .