New York Debt Consolidation
If you have accumulated multiple debts with high interests, whether it be from credit cards or some other type of loan, then you may want to consider consolidating your debts into fewer payments with lower rates of interests. Here are a few things you should know about New York debt consolidation.
New York Debt Consolidation | Reasons for Debt Consolidation
Debt consolidation combines multiple unsecured debts into a single monthly payment. Our experienced Buffalo debt relief attorneys clarify the many advantages and disadvantages of consolidation, as well as the reasons for pursuing consolidation, including:
- Too many bills: Do you have several credit card bills to pay each month? Are you missing payments because you can’t keep track of your bills? Debt consolidation combines your debts so you only have one bill to pay each month.
- High monthly payments: In some cases, debt consolidation can lower your monthly payments.
- High interest rates: Debt consolidation plans are often used by individuals who have high-interest credit card debt.
New York Debt Consolidation | Factors to Consider
It is important for you to understand that debt consolidation companies are businesses – and like any business, their primary concern is profitability. While debt consolidation can be beneficial to some people, for most, it can actually further damage your credit. There is also no guarantee that consolidating your debt will lower your monthly payments. An experienced Buffalo bankruptcy lawyer can help you determine whether debt consolidation is the right option for you.
New York Debt Consolidation | Alternatives to Debt Consolidation
Chapter 13 bankruptcy can be an effective alternative to debt consolidation – allowing you to pay off your debt faster. This type of bankruptcy lets you create a plan based on your income and your expenses. This can result in monthly payments that are often less expensive than those associated with consolidating debt.
If you are interested in New York debt consolidation, you will need an experienced Buffalo bankruptcy lawyer to assist with this process. Contact any of our three offices today for a free consultation.