Debt Consolidation: Sallisaw Residents Have Options Available
While Sallisaw, Oklahoma might seem to be just another small town, it’s so much more. John Steinbeck wrote about it, Charlie Daniels sang about it, the noted depression-era gangster, Pretty Boy Floyd grew up near there and one of America’s favorite dads, “Mike Brady” (actor Robert Reed) lived near there too.
However, with a median household income of approximately $24,000 and 23% of its residents living below the poverty line, debt is also an issue facing many Sallisaw residents. Fortunately, there are a number of viable solutions for people unmanageable debt there.
Let’s examine the options.
Debt Consolidation in Sallisaw
Under debt consolidation, Sallisaw residents can roll multiple debts into one with a single fixed monthly payment at a lower interest rate. Payoff can then take anywhere from two to five years. Your credit score must usually still be pretty strong and you generally have to put up some collateral. Home equity is the most common form accepted, but if you default, you could lose your home. With this in mind, you should always be sure you can repay the consolidation loan before opting for this solution.
Debt Management & Credit Counselling
With this strategy, you’ll pay your accounts off in full at a lower interest rate or with fees waived. The management agency takes over paying your debtors each month from a fund you’ll establish with them for that purpose. Credit counselors usually already have relationships with creditors, so you’re freed of the hassle of figuring out how to deal with them on your own. However, your credit accounts will be closed until you’re back in good standing. You must also be certain you can make the payments because you can be dismissed from the management plan if you miss them.
Debt Settlement Options
In this scenario, instead of paying your creditors directly, you’ll deposit the payments into an escrow account. The settlement firm will use this money to satisfy your debts in full after negotiating debt and interest rate reductions on your unsecured debt. Because it will appear as if you’re no longer servicing your debts, your credit score will be lowered until things get turned around and you start rebuilding your credit rating. When all is said and done, you could pay much less to resolve the situation.
Sallisaw residents have to be very careful when choosing a debt settlement firm. Reputable companies, like Freedom Debt Relief , will not ask for fees up front. They get paid when they settle your accounts to your satisfaction. Affiliations and accreditations from organizations like the American Fair Credit Council and the International Association of Professional Debt Arbitrators are also good indicators of their effectiveness.
Bankruptcy will clear most of your debts, but it will follow you for 10 years. After that period has passed, you’ll run the risk of being indicted for committing fraud if a loan or job application asks about bankruptcy and you answer no. As you can imagine, your credit score will also take a hard hit. For these reasons, bankruptcy should be considered your last resort.
With that said, any of the above debt solutions will work for Sallisaw residents, depending, of course, on their circumstances. Each one has drawbacks, so you need to choose carefully. To get the best advice for your particular situation, call a Freedom Debt Relief debt expert at 800-910-0065 today.
Free consultations are available seven days a week!
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