Find the Best Debt Consolidation in Milwaukee, WI

How to choose debt consolidation in Milwaukee

Ideally, debt consolidation bundles your debts not secured by collateral into one payment at a lower interest rate. This is a new loan from a debt consolidation company that makes debt relief less stressful, more manageable and avoids bankruptcy.

Debt consolidation is most useful for those whose debt is more than 50 percent of their income and who don’t plan on getting into more debt. Debt consolidation companies in Milwaukee may offer credit counseling to help you avoid further debt in the future.

The average credit card debt for one person in Milwaukee is about $5,080 while the national average is $6,375, although this can greatly increase for households of two or more. Many consolidation companies will offer a zero percent interest credit card transfer, so all of your debt is in one place and easier to pay off.

Another option is a home equity credit line. While this can be helpful and possibly be taken as a tax deduction, this option requires putting your home up as collateral. Your house can be taken if you can’t make payments or make late payments.

As with any company involving finance, be aware of scams and hidden fees. It’s helpful to check where the company stands with the Better Business Bureau. Stay away from unrealistic promises like a guarantee to resolve your debt for a dollar or any company that charges a fee for information.

The Federal Trade Commission publishes a resource for dealing with debt, including debt consolidation. You are far from alone in facing financial difficulty. According to the Urban Institute, Milwaukee has a total average debt of $52,144 per person and $14,688 of that is not from a mortgage.