As Americans struggle to balance their finances, many find themselves looking for debt relief. Options can be confusing. One remedy is debt consolidation, which merges all of your existing debt into one, manageable loan. If the new loan offers a lower interest rate, you could save money, lower your payment and get out of debt faster, which makes it worth contacting these best companies for debt consolidation in Denver.
If debt is becoming too much to handle, a debt consolidation loan can help you avoid bankruptcy. Debt consolidation doesn't eliminate any of your debt, but rather rolls all of the debts you choose into one new loan. Debt consolidation companies take control over your existing debts, and then you work with them to pay it off.
Pros of debt consolidation loans
If the new loan interest rate is lower than your current interest rates, you can end up saving money.
If the new interest rate is lower, it may also decrease the monthly payment amount.
Making one payment each month instead of several payments saves time.
Making one payment can help you avoid late fees if you often miss payments.
Cons of debt consolidation loans
If the new loan interest rate is higher than your current interest rates, you will pay more on top of your debt.
If the new loan interest rate is variable, that means it can increase and end up costing more money.
Since a debt consolidation loan is a new loan, it may negatively impact your credit.
By consolidating loans, you lose terms and conditions of any existing loans. For example, for federal student loans, once you consolidate, you'll lose any benefits that go along with it, such as income-based repayment options or student loan forgiveness.
While quality of life is great, the cost of living in Denver is 12 percent higher than the national average. Denver is one of the 15 most expensive cities in the U.S. to buy a home. Residents, on average, carry $6,000 in credit card debt. Average debt including auto and personal loans balloons to about $42,000. More than half of Colorado's population holds a bachelor's degree and an average of $26,520 in student loan debt, making debt consolidation loans attractive to residents.
National Debt Relief helps settle your credit card debt and doesn't charge fees until your debt is resolved. Customers say the online portal was easy to use, and it was a simple process. People also report that customer service professionals answered all of their questions.
For debt relief solutions, CreditAssociates works to settle debt in 24 to 36 months. Good credit is not required and customers get a free, no obligation consultation by speaking to trained advisors who are experts in negotiating down debt. Customer reviews speak highly of agents for being professional, helpful and communicative.
The goal of Freedom Debt Relief is to resolve your debt for much less than you owe, as quickly as possible. The process starts with a personal phone call with a certified debt consultant who reviews your options, then can set up a customized plan with payments you are comfortable with. Clients can then view their progress 24/7 through the online dashboard.
Accredited Debt Relief is a debt management service provider with debt consolidation and debt settlement options. They offer free consultations to determine which method would work best for you. Negotiators will work to lower your debts and no fees are charged until your debts are resolved.
Trident Debt Solutions
Trident Debt Solutions is a Colorado-based company specializing in credit card debt relief. Debt consolidation is available for individuals who have $30,000 or more in unsecured debt, such as credit cards or medical expenses. Denver customers say representatives are confident, supportive, sincere and knowledgeable.
US Mortgages is a Denver-based company that offers debt consolidation and is available to help create a specific plan tailored to your financial situation. Denver residents report a great experience working with US Mortgages, saying they were accommodating and transparent about the process.