Debt Consolidation: Toledo Residents Have Options Available

Situated at the western end of Lake Erie in Toledo, Ohio. Also known as “The Glass City”, Toledo is home of a number of exciting attractions. Sports fans love the Toledo Speedway, Inverness (Golf) Club, and Toledo Mud Hens minor league baseball team. For art lovers, the Toledo Museum of Art is sure to delight.

Being so close to Detroit, Toledo is a victim of the waning automotive industry. While green technologies have moved into the area to overcome the so-called rust belt reputation, some Toledo residents struggle to make ends meet.

If you are struggling with debt in the Toledo area, the below tips might provide you solace. Here’s a quick guide to debt relief options.

Debt Consolidation for Toledo Residents

Do you have $10,000 or more in credit card or another form of debt? Then you might be a candidate for debt consolidation.

Debt consolidation helps Toledo residents to simplify their debt obligations. Instead of paying dues to multiple creditors, you just pay a single bill to your debt consolidation lender. You might even be able to secure a reasonable interest rate, so you can pay your debt down faster.

Admittedly, there are different types of debt consolidation loans. Secured loans, for example, leverage high-value assets like a home or a car. These can help you get a better interest rate, but if you fail to make payments you could risk repossession. Unsecured loans do not require high-value assets but are tougher to find and usually require higher interest rates.

If you are curious to see if you qualify for debt consolidation, you can call 800-910-0065 to speak with a debt expert.

Credit Counseling: When You Need Guidance

Every now and then, we need a little guidance. Fortunately, credit counseling can provide that guidance. Credit counselors are experts when it comes to providing advice about building a budget or finding debt services in your area. Best of all, the service is free.

Debt Management: A Helping Hand

If your credit counselor notices that your debt is climbing, he or she might recommend enrolling in a debt management program. These DMPs can reduce outstanding unsecured debts (including credit card debts), so the debtor can regain control of their finances. These programs can negotiate longer repayment terms, better interest rates and the like.

Debt Settlements: A Little Goes a Long Way

Another option for debt-stricken Toledo residents is debt settlement. This is a solution for those folks with debt that’s become out of control. In these cases, a company like Freedom Debt Relief can negotiate with your creditors to lower the total amount owed. Before you jump at this opportunity, it’s important to note that this solution could drive down your credit score. On the other hand, it could provide you a path out of excessive debt.

Know that you will still be responsible for paying off the rest your dues. And that the IRS requires that you pay taxes on any “forgiven” debt as this is viewed as a form of income. Still, it might be the right option for some Toledo residents.

Bankruptcy: An Option Not to Be Taken Lightly

If your debt is out of hand, bankruptcy can seem like a fresh start. But while bankruptcy can remedy many types of debt (including unresolved credit card balances, medical bills, personal loans, and more) it can also negatively impact your credit score. As you might expect, lenders aren’t too keen on offering loans to those who historically have not been able to pay off their loans.

Sure, Chapter 7 and Chapter 13 bankruptcy are viable options for those very deep in debt, it’s not an option to be taken lightly. Do everything you can to explore alternate options before settling your debt via bankruptcy.

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

Choosing the Debt Relief Option Best Fit to YOU

For personalized guidance on how to best handle your debt, call 800-910-0065 or click to visit Freedom Debt Relief today! Certified debt experts are available to answer your questions and talk you through potential solutions.

Don’t delay. Make the call to start your journey out of debt and toward financial freedom today!