Home to six Fortune 500 companies and considered one of the best places in the United States for business and careers by Forbes magazine, San Antonio is known for attracting considerable wealth. However, if you’re a resident of San Antonio and you’re experiencing financial difficulty, these tidbits are likely to be of little solace.
Fortunately though, there are a number of solutions available to help relieve your burden. One of these is debt consolidation. Considered by many authorities to be a more favorable approach than filing for bankruptcy, here’s how it works.
Debt Consolidation for San Antonio Residents
Debt consolidations assists San Antonio residents with more than $10,000 in debt across multiple creditors. This could include credit card debts, outstanding medical bills, delinquent personal loans and more. Paying down all these various debts is admittedly very tough, which is why debt consolidation exists.
Debt consolidation covers and pays off all your outstanding loans in exchange for a single loan, thus making your repayment responsibilities easier. If you go through a debt relief company, you might even be able to secure a lower interest rate, better repayment terms or a decrease in the total owed (more on this below).
While debt consolidation is perfect for some San Antonians, it’s not for everyone. There are drawbacks to debt consolidation, just as there are for any debt relief method. Much of this depends on the type of loan you accept. Secured loans, while offering low interest rates, require a high-asset value such as a home or a car as leverage. If you fail to make payments or follow the terms of your loan, you could put your assets at risk. Conversely, unsecured loans require no assets to leverage but are tougher to find and typically have higher interest rates.
It’s important that you make sure debt consolidation is right for you and your financial goals, before accepting the terms.
The Ins & Outs of Debt Settlement
Debt settlement is another option for San Antonio residents. Before accepting you into a debt settlement program, a reputable company like Freedom Debt Relief will take stock of your situation to determine whether your circumstances warrant this course of action. Alternatives for which you might also qualify include debt counseling, debt management, or bankruptcy. If it is determined settlement is your best course of action, you’ll do the following.
Rather than continuing to pay your creditors individually, you’ll make monthly payments into an FDIC-insured escrow account set up specifically to repay your obligations. While you’re building up this account, the settlement company will negotiate with your creditors to reduce the amount you owe. Funds are disbursed from the account when creditors accept the debt settlement company’s proposal—after you agree to it and authorize payment. To ensure you’re always in control of the process, the debt settlement company only uses money in the account with your approval.
The amount of time it will take to get everything settled will depend upon the amount you owe and how long it takes you to build up your settlement fund. With that said, programs generally run from 24 to 48 months. Keep in mind; you could still get collection calls, emails and text messages. Also, your credit score could negatively be affected if you are a viable settlement candidate.
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
Debt Relief Services for San Antonians
If you’re a resident of San Antonio in need of debt relief, you are not alone. Companies like Freedom Debt Relief have helped many thousands of people clear up their debts for significantly less than they owed. To find someone to help you in the San Antonio area, call Freedom Debt Relief today.
Free consultations are available seven days a week at 800-910-0065 !