With one of the highest cost-of-living ratings and a tepid economy, it should be no surprise that New York is home to millions of people who struggle with credit card bills and other debts.
If you find yourself dealing with a massive amount of debt, you’re not alone. Read on to learn more about how to obtain a free New York debt consolidation quote from a trustworthy outfit and begin reducing your debt burden.
New York’s economy just hasn’t been the same since the heady days of the mid-2000s. Back then, tourists were pouring into New York City and Wall Street profits were at record highs.
In the upscale Long Island and Westchester suburbs, homes were selling at a tremendous pace and fetching millions of dollars in the process. Even upstate manufacturing centers like Syracuse, Buffalo and Rochester were enjoying an economic renaissance.
These days, the picture is somewhat different. New York’s economy is recovering more slowly than the broader national economy. Even as the state’s unemployment rate sits near 10 percent, millions of New Yorkers live in poverty. Quite a few are homeless.
Given the economic gloom that has settled over New York, it shouldn’t be surprising that locals are finding it harder than ever to get out of debt.
Fortunately, you have plenty of options for reducing or controlling your existing unsecured debts. Although it only takes a minute or two of your time to obtain a free New York debt consolidation quote, you may wish to explore some of these other options before doing so.
As you’ve probably read elsewhere on this site, some of the most popular debt relief options involve bank loans, balance transfers and credit counselors. All three of these methods have their merits.
Also known as a debt consolidation loan, a bank loan could reduce your debts by paying off your existing creditors and consolidating your balances into a single credit facility. This arrangement would bring some much-needed simplicity to your monthly repayment plan.
Unfortunately, banks don’t like to lend money to folks who have low credit scores. If you find it difficult to obtain an affordable loan to pay off your debts, consider obtaining a free New York debt consolidation quote from a BBB-accredited firm.
Balance transfers have many of the same advantages and drawbacks as debt consolidation loans. If you can find a great “teaser” rate on a new credit card, you may wish to take advantage of it.
Since these rates typically last for a maximum of a year and a half, you’ll need to spring into action and aggressively pay down the balance on your new lower-interest credit card. If you’re effective, you could save yourself hundreds of dollars in unnecessary interest payments.
Some credit card companies don’t extend these balance transfer offers to distressed borrowers or other folks with poor credit. If you can’t find a suitable deal, don’t force the issue or hang your head in disappointment. Instead, contact a trustworthy debt relief provider for a free, no-obligation New York debt consolidation quote.
Nonprofit credit counselors are often viewed as a valuable asset in the fight against debt. After all, they maintain close relationships with credit card companies and work tirelessly to reduce the interest rates on their customers’ debts. They can also consolidate a wide range of credit card debts into straightforward repayment plans.
At the same time, credit counselors usually can’t reduce the principal balances on individual debts. If you’re looking for a debt relief provider that’s capable of doing so, you might have limited success with a credit counselor. Fortunately, a New York debt consolidation quote might point you towards just such a provider.
The debt consolidation process doesn’t just work for credit card debts. It can also reduce other types of unsecured debts, including medical bills, collections, judgments and even certain repossessions.
More importantly, your BBB-endorsed New York debt consolidation quote might provide you with an opportunity to get a handle on other pressing debts. Although the debt consolidation process can’t directly reduce your mortgage payments or eliminate your car loan, it can free up some much-needed capital that might allow you to pay off these obligations on an accelerated timetable.
If your debt consolidation plan could save you a couple hundred dollars per month, you might suddenly find that your other debts seem more manageable. Even better, you might find that you have some spending money left over after accounting for everyday expenses like grocery bills, utility payments and childcare costs. You could use some of this money to make a long-deferred purchase or finance an important home-improvement project.
Obtaining your New York debt consolidation quote is even easier than you might imagine. You’ll simply need to provide your name, phone number, e-mail address, and a ballpark range for your unsecured debt burden. The process only takes a few minutes and could pay lasting dividends.