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Arizona Debt Consolidation (AZ)

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Arizona Debt ConsolidationIf you’re finding it hard to pay off the money you owe, consolidating your credit card accounts into just one monthly payment may simplify things. By working with a debt consolidation agency in Arizona, you may be able to combine your debt under a plan for managing debt, referred to as a DMP. Your consultants try to contact your creditors in order to get vital benefits, for example decreased rates of interest, fewer fees, and lower payments per month.

Consolidation also can mean debt consolidation loans that substitute your credit debt with debt secured by some type of equity, normally your house.  To understand which type fits your needs, you should speak with a licensed Arizona debt consolidation agent.

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Debt Management Plans in (AZ)

Generally, Arizona residents opt to combine their debts into a debt management plan. These programs allow you to repay your creditors completely with a single monthly payment. The benefits are huge: more affordable interest rates, payments, and fees. Typically your creditor begins offering these incentives after you make three consecutive payments. On top of that, this is one of the cheapest ways to consolidate debt in Arizona. Sign up should cost under $70, and fees each month $25-40.

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Debt Consolidation Loans in AZ

Debt consolidation loans are available in two varieties: unsecured bank loans and loans backed by a home or other property. The second option is most popular. The wide array of payments you were making to numerous credit card companies will be consolidated into a single monthly payment – your loan payment.

Of all your debt relief solutions, a debt consolidation loan has the best impact on your credit rating. On the flip side, it can be tricky. If the loan is secured by the value of your loan, remember what happens if you go into default. If you don’t have a house to serve as collateral, the interest will be too high to help.

Have you been wondering if a debt consolidation loan is a good idea?

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AZ Debt Analysis

Any Arizona debt consolidation professional you talk to will want to know how much debt you have that’s no secured. That means it is not backed by any equity. The most common causes of unsecured debt are:

  • Credit Cards
  • Rent
  • Physicians’ Expenses
  • Other Unsecured Credit Balances

If at all possible, no more than 33% of your income will be allotted to paying back debt. These debts include credit cards, loans, and rent or home loan repayments. For example, say you earn $3,463 monthly, the average in AZ, then, in a perfect world, you would spend no more than $1,281 monthly. Lamentably, lots of Arizona residents are in serious debt, with a debt to income ratio of more than 50%. They’re shelling out more than $1,732 per month!

Is your debt load higher than 50%? Then you really should talk with a debt consolidation expert in Arizona.

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