Roseville, California Debt Consolidation Lawyers
Roseville Debt Consolidation Lawyer Ron Holland has helped over 12,000 clients and consumers with their debt problems since 1982. Call (916) 749-6456 today!
The Roseville California debt consolidation lawyer at Holland Law may be able to help you consolidate your debts into one manageable payment. If you are struggling to pay multiple high interest rate debts all at once, or are unsure how you’ll pay down your debts if your interest rate keeps pushing the amount you owe higher and higher, debt consolidation might be a financial solution. Debt consolidation might be a good idea for individuals with many high interest rate credit card accounts, or those who have high interest debt. With debt consolidation, you may be able to reduce your interest rate, and consolidate your debt under one easier-to-manage payment.
There are many ways people can consolidate debt. Some credit cards offer initial 0 percent interest rates. By putting your debt onto these cards, you can reduce your interest rate and pay down your debt. If you can reduce your debt to zero before the new interest period kicks in, you can pay off your debt, interest free. Another way individuals consolidate debt is by taking out a low interest rate loan. Some other ways include taking out a home equity loan to consolidate debt, though transferring unsecured debt like credit card debt and securing it with your home might be a risky move.
If you are looking for ways to escape the burden of debt, and are thinking about debt consolidation, the debt consolidation lawyers in Roseville, California at Holland Law may be able to help you. Our Roseville, California debt consolidation attorneys can review your financial situation, help you understand your options, and assist you with the next steps.
Is Debt Consolidation Right for Me?
Debt consolidation isn’t right for everyone. Generally, you’ll have to still be able to obtain sufficiently good credit to be able to consolidate your debt for a low enough interest rate to make debt consolidation a good option. You’ll also need to have a steady and high enough cash flow to be able to pay off the new consolidation debt. If your income is low or nonexistent, or if your debts to income ratio is too high, debt consolidation might not be the best option and the best choice might be Chapter 7 bankruptcy or Chapter 13 bankruptcy.
Another situation where debt consolidation doesn’t make sense is where you have enough income and expect to pay off your debts under a year. In most cases, if your debt to income ratio is over 50%, you might be better off exploring bankruptcy. A debt consolidation lawyer in Roseville, California can review your situation and help you understand your options.
Addressing Underlying Problems of Your Debt
Another situation where debt consolidation may not make sense is where a person hasn’t addressed the underlying reasons for their debt in the first place. If you are living beyond your means or aren’t earning enough money to pay off your current debts, debt consolidation may not work, especially if you continue to open new credit cards, or put more debt on existing credit cards.
Debt consolidation is a great idea if you are looking to revamp your financial health. If you are leaving behind a time of underemployment or find yourself in a better financial situation or have an improved credit score, debt consolidation might help you streamline your repayments. If you only have to worry about one payment, the risk of making a late payment will be lower. Lower interest rates may be able to help you speed up your repayment. And prompt repayment of your loans through the consolidation process could potentially elevate your credit score.
Debt consolidation only works if you can afford to repay the debt within five years and have enough financial health to pay off the bills you have under the consolidated amount. If you are thinking of consolidating your debt, you may want to speak to the Roseville, California debt consolidation lawyers at Holland Law. Our lawyers are here to help.
Downsides of Debt Consolidation
While debt consolidation has many benefits, there are some downsides to debt consolidation you should keep in mind. Opening new loans can come with origination fees, closing costs, or balance transfer fees. It is a good idea to consider these costs before you begin the debt consolidation process. Consolidating debt could also result in you paying more interest over the life of your new loan, even if it means lowering your interest rate in the short term. A debt consolidation attorney in Roseville, California at Holland Law can help you understand these costs. Finally, debt consolidation can pay off credit cards at the cost of having a new line of credit. If you don’t address the underlying habits and financial issues that led to your debt in the first place, you could find yourself using freed lines of credit to end up in more debt. It is important to take the time to consider your motives and whether debt consolidation is right for you.
Choosing Debt Consolidation – Contact a Roseville California Debt Consolidation Lawyer Today!
If your income has improved, if your credit score has improved, or if you are looking to change your financial habits and finally get free of debt, debt consolidation may be an option for you. Holland Law is a debt consolidation law firm in Roseville, California that may be able to help you. Reach out to our debt consolidation lawyers today.