Debt Consolidation: Salt Lake City Residents Have Options Available

The industrial banking center of the United States, Salt Lake City is considered the “Crossroads of the West”. In fact, Salt Lake City has been an important center of commerce going all the way back to the early days of railroading in the U.S.

However, residents of Salt Lake City for whom bills have become unmanageable might be somewhat less than enthusiastic about the city’s economic importance. The good news is they do have solutions available to them. These include credit counseling, debt management and debt settlement.

Let’s take a look at each one.

Credit Counseling

Providing valuable advice and assistance for developing budgets, managing cash and resolving debts, credit counseling agencies offer services through universities, credit unions, private firms and other organizations in Salt Lake. Your bank, or even a good friend might be able to steer you toward a good credit counseling organization. With the help of a credit counselor, you’ll reprioritize your monthly budget to make paying down your debt easier—while still covering your household expenses.

Debt Management Programs

Working in conjunction with credit counseling organizations, debt managers will negotiate with your creditors to satisfy your debts. Debt managers can also get lenders to agree to waive fees or lower interest rates. They take over paying your creditors from an escrow account you establish.

On average, it takes about four years to work through a debt management program. As part of the deal, you may have to agree to refrain from seeking new credit accounts until your existing debts are paid off.

Debt Consolidation for Salt Lake City Residents

Sometimes the number of debts you need to pay becomes unruly and hard to manage. Thankfully, solutions like debt consolidation help Salt Lake City residents. How? By consolidating all debts into one recurring, workable payment. This makes paying off your debt more feasible. While this option might not be for everyone, it is a viable solution for those with over $7,500 in debt across a number of accounts or lenders.

Debt Settlement Companies

Under this strategy, companies like Freedom Debt Relief look over your finances to help you work out the best strategy to resolve your debt. They then negotiate debt reduction deals with creditors on your behalf. Just as in debt management, you’ll create a protected fund from which the payments will be drawn as debt settlements are reached. To establish this reserve, you’ll funnel money into the account, rather than paying your lenders directly.

credit counseling vs debt settlement

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

Shopping for Debt Relief in Salt Lake City

Be wary of companies requiring you to pay a fee before they settle your debts. If they guarantee they can erase all of your unsecured debt, or tell you to stop communicating with your creditors, that should also be a red flag. There is no one-size-fits-all debt solution, but as you can see here, there are options that might better fit your situation.

Get Expert Help for Free

Depending upon your situation, debt counseling, debt settlement or debt relief may be the perfect option for you. Your choice will be determined by your debt amount, the type of obligations you have and your credit score. With all of these variables, it’s important for Salt Lake City residents to examine all of their options before committing.

You’ll find a ready source of free advice in this regard when you call Freedom Debt Relief. Expert guidance is available seven days a week. Call 800-910-0065 to get your fee consultation today!