Debt Consolidation Pennsylvania
Debt Consolidation In Pennsylvania: Find Your Financial Freedom
From Pittsburgh to Philadelphia, the state of Pennsylvania is a large and proud state. The Keystone State boasts a population just shy of 13 million, making it the fifth largest state by the number of residents in the Union. More impressive might be that Pennsylvania, on average, carriers the 3rd lowest household credit card debt in the country.
Although the average household credit card balance is $6,065, residents yearning to be debt free are looking for debt consolidation in Pennsylvania. It is true, there are states such as California that are nearly double the debt load, but it doesn’t mean debt-free solutions are not a hot topic from the Applications to the valleys.
Every time you use a credit card you are agreeing to their terms. If you skip a few payments, you will be considered in default of your obligation. Usually, credit card companies will impose late fees or even increase the rate of interest you are charged. But, should you happen to miss multiple payments consecutively, expect phone calls and letters asking for payment.
Having been provided a credit card with a credit limit means you are legally bound to pay back any money borrowed on the card. After a specific amount of time has elapsed, your credit card company has the right to sue you for any outstanding balance. Or, the company may sell your debt to a collection agency who then can also file suit.
Lawsuits take a substantial amount of time, energy, and money to pursue. Because of this, credit card companies would rather not sue you. A window is available to you to look for an alternative solution to solving your debt woes such as debt consolidation. In Pennsylvania, those with medium to large credit card balances have a few options.
How Debt Consolidation Can Help
Tackling debt may require a focused approach such as using debt consolidation loans. Pennsylvania permits residents to engage with debt consolidation companies to help them reel in their debt.
In general, debt consolidation is the process of combining the debt into a single, monthly payment. There are numerous programs out there to help meet both your budget and long-term debt-free goals. With lower interest rates and fees, debt consolidation allows more of each dollar to reduce your principal balance.
Christian Debt Counselors has more than 10 years of experience assisting thousands of families to tackle their debt and regain financial independence. Calling one of our professional debt counselors is completely confidential. The initial consultation will identify the outstanding debt you have. From there, a monthly budget is determined from which your counselor will present the most compatible options.
Debt Laws in Pennsylvania
Knowing what laws protect you as respects to credit card companies, it is important to understand the mechanics of debt consolidation loans. Pennsylvania indeed enforces the debt laws already established by the Federal government. Unfortunately, the State does not go much beyond the federal laws when it comes to consumer protection related to debt.
Pennsylvania does have a six-year statute of limitations that restricts how long a creditor can pursue outstanding balance. However, just because you can walk away from your debt after six years, it is not a wise decision. Letting debt expire through the statute of limitations will affect your ability to obtain credit for decades to come.
Seeking Assistance from Debt Consolidation in Pennsylvania
Individuals and families look to Christian Debt Counselors to help them achieve their goal of becoming debt free. Our friendly and professional counselors can help stop collection calls, reduce (or eliminate) interest, and combine your debt into a single monthly payment that fits into your budget. Best of all, your FICO score will not be impacted. When the time is right to take the first step toward a debt-free life, contact us or apply online at www.christiandebtcounselors.net.