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It is estimated that the average American has over $38,000 worth of debt. Most people in the country have debt, and the problem is that it can make things difficult. Many felons may find it hard to keep up with making the payments on what they owe, as interest rates continue to add more to the balance each month. An option that many consider is debt consolidation programs.
Debt consolidation programs for felons offer a way to continue making payments on the debt, but it can make the process easier. Many people find that it helps to remove some of the stress of trying to pay on multiple accounts each month. What debt consolidation does is take all of the debt that you have and turns it into one bill.
Why Debt Consolidation Programs for Felons
When you have multiple sources of debt you will end up getting bills from different place each month. They also likely have different interest rates. This means you will end up trying to pay on multiple bills each month. If you forget one, because there are so many to keep track of, it can lead the company adding a late fee or increasing your interest rate.
Interest rates can make your debt even more concerning. If you have credit cards and other debt that have high interest rates you may be adding nearly as much interest each month to your account as you are in payments toward the principle. For example, the average credit card interest rate is 19%. Most credit card companies only require that you pay the minimum balance due each month, which may be as low as $30. This means it will take you a long time to pay off what you owe. Plus, each month they are adding on interest at that high rate, which means you are not really putting a dent into your debt.
If you continue to make minimum payments and get all the interest added to your account, it will take a long time to get your balance to zero. The credit card companies may love that, because they make a lot of money that way, but it’s not good for you. This is when it’s a good idea to consider debt consolidation programs for felons.
Debt Consolidation Programs for Felons
When you opt for going with a debt consolidation program the company will give you one personal loan that you will use to pay off all of your debt. Then you will only owe on the one loan, which should be giving you a lower interest rates and making it easier for you to manage each month. Be sure to check out several programs to see which ones offer the best interest rates and terms.
Discover – This is a major credit card company that offers debt consolidation options. They provide personal loans, which is what you will want to look into for being able to pay off your debt and only need to pay on one loan per month. Your interest rate and terms are determined by your credit score, among other factors. You can apply for the personal loan online. To get more information, click here.
National Debt Relief – This organization helps provide debt consolidation options. You provide them with the details of what you need in a debt consolidation loan and they will help you find the best options. To get more information on how their program works, click here.
Capital One – This is a popular credit card company that also offers personal loans that can be used for debt consolidation purposes. You can also inquire about whether or not they offer zero interest credit card balance transfers. That allows you to put your credit card debt on one of their cards and not have to pay any interest for a period of time, which is usually for six months. This may be a good way to help you pay down your debt and not acquire more in interest. To get more information about the debt consolidation options offered at Capital One, click here.
Wells Fargo – This is one of the largest banking institutions in the country. They offer personal loans, which can be used for debt consolidation. The interest rate varies depending on your credit score. To get more information about their debt consolidation programs for felons, click here.
In addition to the above debt consolidation programs for felons, it’s a good idea to check with your local banks and credit unions. They typically offer personal loans, which you can use to pay off your debt and then just have the one bill to pay each month for the loan. When choosing the program to go with you want to compare interest rates and what you would be paying for the loan over the life of it.
