Being in debt is overwhelming, especially when you have to make payments while keeping up with living expenses. Debt consolidation and debt settlement can reduce the amount you owe. Our partners at ConsumerAffairs researched the best debt consolidation in Tucson to help you learn more.
Falling into debt is easy. Medical emergencies, credit card bills and more can make it difficult to afford your payments each month. Tucson has a lower average household income than the national average, but the average resident faces a higher average in debt. That includes just more than $7,000 in credit card debt, compared to a national average of $5,700.
There are several ways to tackle your debt and make the first steps toward a better financial future, including debt consolidation. There are different types of debt consolidation, but many companies that offer the service in Tucson focus on debt settlement.
Debt settlement is usually available to Tucson residents with more than $10,000 in unsecured debt. Secured debt, which uses collateral, is not eligible for debt settlement.
Secured vs. unsecured debt
Secured loans are tied to collateral that can be seized by the creditor, such as your house or car. Examples of secured debt include auto loans and home mortgages.
Unsecured loans are not tied to any collateral. Examples of unsecured debt include medical bills and credit card debt.
Under debt settlement, you pay a single monthly payment into an account created specifically for debt consolidation purposes. The debt consolidation company will use that amount to negotiate with and pay your creditors, sometimes settling for less than the amount you owe.
While debt settlement may have an initial negative impact on your credit score, it’s often a preferable option to bankruptcy. If you’re ineligible for debt settlement, there are other options available in Tucson, such as transferring your debt to a credit card with a zero percent introductory rate or applying for a debt consolidation loan.
National Debt Relief focuses on debt settlement and financial counseling to help its clients find financial stability. The company has online tools that allow you to determine if credit settlement is correct of you. Customers in Tucson appreciate the company’s friendly and helpful customer service representatives.
This debt settlement company helps eliminate debt in as little as 24 to 36 months. Credit Associates uses state-of-the-art software and a team of experts to negotiate your debt with creditors to reduce the amount of money you owe. Get started with a free consultation and no-obligation quote.
Accredited Debt Relief matches clients with their network of partners to find the best solution to manage their debt. The company offers free consultations and has an online debt calculator. Customers in Tucson recommend the company and say the representatives do an excellent job explaining the debt settlement process.
Freedom Debt Relief has settled more than $9 billion in debt for its clients. The company recommends clients have at least $15,000 of debt, and it completes debt settlement services in 24 to 48 months. The company also provides a 24/7 online dashboard for clients. Customers in Tucson say the company’s representatives truly care about their clients.
Pacific Debt Inc. is accredited by the Better Business Bureau with an A+ rating. The company has no upfront fee and provides an advisor that you work with on a one-on-one basis throughout the debt settlement process. Customers in Tucson say the company gives realistic expectations and helped them settle debt more quickly than expected.
If your credit card debt exceeds $7,500, this debt settlement company can help. Debt Rx is small enough to offer individual solutions for debt relief. If you’re behind on bills, Debt Rx can help keep creditors away as mentioned in customer reviews who spoke highly of their effective service.
CountryWide Debt relief offers a range of services including debt consolidation, debt settlement and counseling services. The company provides a free consultation to see if you qualify for debt relief. Customers from Tucson say the company’s representatives were willing to work within a budget to develop individualized plans.