Debt Consolidation: Winston Salem Residents Have Options Available

Winston-Salem, founded in 1849 and 1766 respectively, is known as the Twin City for its heritage in arts and innovation. Even after the cities were consolidated in 1913, that tradition remains strong. Residents can enjoy the Southeastern Center for Contemporary Art or the nine Art-o-mat houses. It’s also the home for a booming healthcare sector, manufacturing and more. Winston-Salem was even listed among the best places to retire!

Unfortunately, if you are struggling with debt in your golden years, your retirement might not feel so “golden” after all. Considerable debt can impact your short-term and long-term goals. This is why Freedom Debt Relief offers free, no-risk consultations for Winston-Salem residents hoping to overcome their debt. Below you will find a brief description of various debt relief options to help familiarize yourself with the process. But for a personalized look at your financial options, Call 800-910-0065  today!

Debt Consolidation in Winston-Salem

Debt consolidation is designed to help Winston-Salem residents who shoulder more than $10,000 in debt across multiple creditors, to pay down their debts in a manageable way. A debt consolidation loan covers or pays off your outstanding debts, while you simply pay for the new loan.

This can be helpful for a number of reasons. First, it provides a single loan with simple terms as opposed to juggling multiple loans, due dates, and the like. Second, you may be able to secure a better interest rate on your new loan.

As with any debt relief program, debt consolidation has a few drawbacks residents of Winston-Salem need to know. The first is that the program could have a drag on your credit score. Second, debt consolidation loans often require collateral of a high-value asset, such as a home or car. This is known as a secured loan. However, if you fall behind on your secured loan, you could lose your asset. So, do everything you can to make sure you make your payments on time. You could go for an unsecured loan, but these are tougher to come by and carry heavy interest rates.

Speak with a debt specialist and find out if debt consolidation is right for you.

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

What Are My Other Debt Relief Options?

If debt consolidation doesn’t meet your needs, don’t worry. There are plenty of options that may work better for your unique situation.

  • Credit Counseling:A bit of good advice goes a long way. That’s why many people opt in for credit counseling. These services connect debtors with debt experts who can help them create a budget, find educational workshops, find free resources, get a copy of their credit score, help them address personal financial goals and more. It’s a simple service that does a world of good. And better yet, it’s free!
  • Debt Management:Credit counselors can also point people in the direction of other services that might better fit their needs. Debt management programs (DMPs) are a prime example. DMPs assist people struggling to make timely payments on their debt, so they can escape their debt in a quick and safe way. It’s not a perfect fix for everybody, but for those who need a little extra push in the right direction, it’s essential.
  • Debt Resolution:If your debt exceeds your grasp, it might be time to work with a debt resolution or debt settlement company. These organization can negotiate with creditors on your behalf to significantly reduce the total amount owed. Your debt settlement partner might even be able to secure a better interest rate, so you can pay your debt down more quickly. This debt relief strategy does have its side effects, however. For example, it may drag down your credit score and require you to pay taxes on your forgiven debt; as the IRS sees settled debt as a form of income. Still, it might be an option for Winston-Salem residents.

Finding Financial Freedom Again

Debt affects Winston-Salem residents of all ages. Whether you are a 20-something trying to keep up with your bills or a senior citizen trying to prepare for retirement, debt can sour your goals.

Fortunately, there are solutions to help. Call 800-910-0065 for a personalized look at your debt relief options!