Debt Consolidation-converted

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Business Name
Debt Consolidation
Full Address:
New York, NY 10001
Phone:
(646) 647-8717
Url:
https://www.gursoylaw.com/is-debt-consolidation-in-nyc-right-for-you/
Hours:
Mon - Fri 8.30 a.m - 7 p.m
Sat 9 a.m - 3 p.m
Payment:
Cash, check, all cc.
Description:
Is Debt Consolidation in NYC Right for You. When struggling to get out of debt it is important to know
about all your options. One of the most commonly talked about debt solutions is known as debt
consolidation. Many companies push this option strongly, but is it really effective, and is it the right
option for you. For those struggling with debt in NYC, it is a good idea to learn exactly what debt
consolidation is so you can decide if it is an option you should consider.
What is Debt Consolidation. To put it simply, debt consolidation is getting a new loan that is used to pay
off all your other debts. So, if you owe $5000 on ten different credit cards, auto loans, or other debts,
you would get one consolidation loan for $50,000 and pay them all off. This would allow you to make just
one payment each month rather than ten. It is important to note, however, that this process doesn’t
actually reduce your debt in any way. You still owe the same amount of money (and sometimes more, if
the loan was for more than the total amount owed).
So rather than being a real debt solution, debt consolidation is more focused on convenience. For some
people, having one monthly payment each month rather than multiple is going to make life easier, and in
that case, it can make sense. For those who are struggling to get out of debt, however, this option isn’t
going to help you make progress. Another thing to take note of is that in many cases, the debt
consolidation loan will have a higher interest rate than the average rate you are currently paying. If that
is the case, your total expenses each month will actually be higher than it would be if you were paying
each debt separately.
Is Debt Consolidation in NYC Right for You. If you are looking for a way to get out of debt as quickly as
possible, debt consolidation isn’t likely the best course of action. Instead, consider an option like a
Chapter 7 bankruptcy. While bankruptcies are often thought of as a negative thing, the reality is they are
often the best solution, and nothing to be ashamed of. This is a legal option designed to help people to
actually eliminate the principal balances on their debts, not just shift them around. In the vast majority of
cases, a Chapter 7 Bankruptcy will get you on strong financial footing much more quickly than a debt
consolidation loan ever could.
Keywords:
chapter 7 bankruptcy, bankruptcy lawyer, bankruptcy lawyer near me, bankruptcy attorney, file for
bankruptcy, credit card debt, credit card debt relief, debt solutions , debt settlement, debt forgiveness,
debt relief programs, debt management, debt relief, debt consolidation, credit card balance, debt
settlement, NYC, New York, NY
Social Links:
https://www.facebook.com/Debt-Consolidation-238003020088399/
https://twitter.com/ny_debt
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