Credit card and medical debt is a big problem for Americans, and this includes Milwaukeeans. Getting out of debt is hard and complicated. Rather than going bankrupt, debt consolidation and debt settlement are often better options. Our partners at ConsumerAffairs researched the best debt consolidation in Milwaukee to help ease your financial burden.
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.
National Debt Relief is a Better Business Bureau accredited debt consolidation company, and one of the nation’s largest. Offering numerous alternatives to bankruptcy, National Debt Relief’s customers say they were able to settle their accounts quickly and are very satisfied with customer service representatives.
CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers can get a free debt relief consultation from associates experienced in negotiating debt down. Reviews praise customer service agents for being concerned and communicating well throughout the process.
Accredited by the Better Business Bureau, Accredited Debt Relief offers various options for consolidation. This company gets proven results and has saved clients thousands of dollars. Customers say that Accredited Debt Relief works quickly and explains the process clearly to their clients.
Since 2002, Freedom Debt Relief has resolved over two billion dollars of American debt. With Freedom Debt Relief, you pay into an FDIC-insured account every month and FDR works hard to negotiate creditors to settle your debt at lower prices.
With certified debt counselors to guide your debt settlement every step of the way, Pacific Debt charges no upfront fees until you get results. The company has helped settle more than $200 million in debt for clients. Reviews speak highly of having access to a personal account manager who can help set up an affordable payment plan.