The rate of consumer debt is increasing every year. According to statistics, consumer debts had accumulated to more than $4 trillion by February 2019.
Most of the debts stem from student loans, mortgages, credit card debts, and auto loans. Inability to clear the debts from month to month multiplies the amount, making the debts unmanageable. High debts make life difficult for many Americans who are wallowing in debts. With their creditors on their backs, many may sink into depression.
On estimate, an average home in the US has an outstanding debt of $135,768 in credit card loans, auto loans, student loans, and mortgages. With the many loans and the high cost of living, it is difficult to pay off on your own.
At Encompass Recovery Group, we know the frustrations that come with the inability to pay off loans. That is why we have come up with a way of helping you manage your credit and guide you to a debt-free life.
Debt Management and Consolidation in Deerfield Beach
Managing monthly bills can be overwhelming, especially if you have multiple credit card debts. The burden of paying utility bills, rent, cable, and data plans while settling loans is too heavy to bear on your own. This is where debt consolidation comes in.
Consolidating debts means that multiple loans are combined into one easier-to-pay loan. This takes away the burden of having to deal with many creditors. The interest rates and monthly installments after debt consolidation are much lower. If you cannot meet your financial obligations due to heavy debts, it is wise to take advantage of debt consolidation.
It is possible to consolidate multiple credit card debts into one credit card or transfer another credit card’s balance. Debt consolidation fundamentally brings all your loans into one place where you can easily manage them. Some people may opt to get loans from financial institutions such as banks. However, these institutions may require the borrower to give collateral.
Encompass Recovery Group saves you the struggle to manage many bill payments, meet different monthly deadlines, and keep you off unnecessary borrowing. We directly negotiate with your creditors on better and more agreeable terms, saving you money and time. We have helped many regain control of their finances.
Debt Settlement or Consolidation, Which Works Better?
While you can pay off your debts or manage them through many ways, the most effective ways to achieve financial freedom are debt consolidation and debt settlement. Your financial freedom is highly dependent on the method you choose.
While debt consolidation is helpful, it may not help you get rid of your financial load unless you reduce the amount you spend per month. Consolidation only helps combine many bills into one substantial amount but does not necessarily reduce your debt. You will also have to take more time in a consolidation program to clear your debt completely.
During the three or more years that you will be paying the consolidated debt, you may incur further debt. This will only increase the burden of loan settlement.
Debt settlement offers better solutions to debt payment. Credit counselors at Encompass Recovery Group will take their time to assess your financial situation and understand your spending habits. Our experts will then guide you on improving your spending habits to meet your financial obligations better. Debt settlement can help you settle a large number of your bills.
How to Regain Financial Freedom in Deerfield Beach
At Encompass Recovery Group, we are passionate about guiding our clients to their financial freedom. You can follow the simple guidelines listed below to make the process easier.
After discussing with you, our financial counselors will assess your situation. We will review your outstanding debts, your financial ability. Consequently, we will advise you on adjusting your way of spending and afford to settle your bills. Our experts will also help you strategize on how you can afford to save little amounts.
Best Debt Reduction Program
Once the debt management strategies have been laid, we will negotiate with your creditors to reduce your loans. Our understanding of how different money lenders deal with bad debts gives us the ability to negotiate better than other companies for your benefit. Our debt settlement experts are available at all times to answer all your questions and give you any assistance you may require.
Negotiating with the creditors on your behalf means that we will only have to contact you a few times. Encompass Recovery Group experts will help you walk confidently towards your financial freedom! Contact us and get the perfect solution to your financial struggles.
References and Resources
Reasons why people get into debt