Being in debt is stressful, especially if you’re dealing with calls and letters from creditors and collections. One of the ways to handle debt is to use a debt consolidation company, which helps you settle debt or combine it into one payment with a lower interest rate. Our partners at ConsumerAffairs researched the best debt consolidation in Lansing to guide you to a better financial future.
It’s easy to find yourself in debt, but it’s much more difficult to pay off debt while dealing with necessary expenses. In the Lansing tri-county area, people carry an average of $5,600 in credit card debt and up to $1,500 in medical debt. Around 20 percent of this debt is in collections, which means repeated phone calls and letters from creditors.
Debt consolidation companies can help you stop the constant stress of receiving collection calls and letters. One of the most common types of debt consolidation is debt settlement. Under debt settlement, you make one monthly payment into an account set up specifically for debt settlement purposes. A debt consolidation company uses that money to negotiate with and pay your creditors, often settling for less than you owe.
Debt settlement may initially lower your credit score, but is a better option than bankruptcy. Companies often prefer to work with those who have at least $10,000 in debt to be eligible for debt settlement in Lansing, and the debt you’re attempting to settle must be unsecured.
Secured vs. unsecured debt
Secured loans are tied to collateral that can be seized by the creditor, such as your house or car.
Examples of secured debt include auto loans and home mortgages.
Unsecured loans are not tied to any collateral.
Examples of unsecured debt include medical bills, credit card debt and student loans.
If you’re ineligible for debt settlement, there are other options available in Lansing. These options include transferring your debt to a credit card with a zero percent introductory rate or applying for a debt consolidation loan. Debt consolidation loans pay off your existing debt and allow you to make one payment, usually at a lower interest rate.
National Debt Relief has helped many Americans consolidate their debts and find relief from creditors. The company is accredited by the Better Business Bureau and has online tools to help you decide if debt settlement is right for you. Customers in Lansing give the company high marks for its quick and knowledgeable customer service.
A proprietary electronic debt settlement system combined with expert debt consultants makes Credit Associates an effective choice for debt relief. Reviews say that customer service is helpful and communicates well throughout the process, which lasts between two and three years. You can get a free consult with no obligation by contacting the company.
Accredited Debt Relief partners with many of the nation’s premier debt relief companies to negotiate their customers’ debt down to manageable amounts. The company offers a full range of debt relief services, including counseling, debt settlement and debt consolidation. Lansing reviewers say the customer service professionals made them feel comfortable with the process.
Freedom Debt Relief has helped eliminate more than $9 billion in debt for its U.S. customers. The company offers flexible payment options that allow you to determine payment amount and frequency and provides a no-risk consultation. Lansing residents say they love the service and the staff but wish collection calls would end sooner.
Pacific Debt Inc. has settled more than $200 million in debt for its customers since 2002 and has an A+ rating with the Better Business Bureau. The company helps its customers get out of debt and also offers education on learning how to live debt-free in the future. Customers in Lansing say the service is a great value.
An experienced debt relief company, Debt Rx helps those with $7,500 or more in credit card debt. Being smaller than its competitors allows the company to tailor solutions to your situation. Online reviews praise the customer service team for being good communicators while helping to reduce their debt.
Countrywide Debt Relief
CountryWide Debt relief has helped thousands of people climb out of their debt. The company promises fast approval and assists customers with any credit score. CountryWide Debt Relief also provides free consultation and low monthly payments. Lansing customers appreciate the excellent customer service and the company’s flexibility on payment amounts.