Virginia Debt Consolidation: Is It Right For You?
Americans have over $1 trillion in debt, with over $805 billion of that debt being credit card debt. Overwhelming debt consumes citizens all over the country, but specifically in Virginia, debt balances are significant. Virginia has the 5th highest median credit card debt amounts in the country and ranks 8th in the total amount of debt owed. If you live in the Old Dominion state, you may likely have considered Virginia debt consolidation programs to help get you back on firmer financial footing. It’s important to know, though, that debt consolidation is not your only option for debt relief. Debt settlement programs that UmbrellaDEBT Relief specializes in may be your best path to financial freedom.
Virginia Debt Consolidation: How Did My Balances Get So High?
Let’s face it: it’s expensive to live in Virginia! The cost of living in Virginia means that Virginians often have higher debt amounts than the average American. In fact, Virginians’ credit card debt per capita is the sixth highest in the country. That means as a Virginian, you may be struggling with more debt, and wondering how you’ll ever get out of the deep financial hole you’ve been in just to keep up. You may find you’re struggling to make minimum payments, or you’re already late. This only adds late fees and increases your interest rates on already high balances. It’s like a never-ending cycle, but UmbrellaDEBT Relief wants to help you break the cycle once and for all.
Virginia Debt Consolidation vs. Virginia Debt Settlement: What’s The Difference?
When looking at debt relief options, you may be overwhelmed. It’s important to know what Virginia debt consolidation and Virginia debt settlement mean. The most significant difference between the two debt relief programs is that one can settle your debt once and for all after an agreed-upon negotiation. The other (debt consolidation) essentially combines all your debts and then has you take another loan out to pay for them.
While a Virginia debt consolidation program may sound great at first—one payment at a lower rate—you’re still paying the same amount of money to eliminate your debt. With debt consolidation, doing so could take anywhere between 2-5 years before you see the light. And, if you’re at the point you’re seeking Virginia debt consolidation, your credit may not even let you acquire a loan as part of the consolidation program.
With debt settlement programs, the focus is on negotiating with your creditors to reduce your overall balance and have you pay one agreed-upon payment. Debt settlement is typically the most affordable debt relief option you’ll find. It works to reduce your overall debt balances. You’ll pay your debt off faster and find financial freedom sooner.
UmbrellaDEBT Relief Helps Virginians Find Hope
At UmbrellaDEBT, we understand that overwhelming debt can make you feel hopeless. It’s not even keeping up with the Joneses that you’re having a hard time doing; you’re just wondering how to keep the calls and letters at bay and breathe again.
We’re experienced in finding debt settlement solutions that are the right fit for you and your financial situation. Our compassionate and caring debt specialists have helped Virginians eliminate debt and learn to live financially free. Virginia debt consolidation or bankruptcy are not your only options.
We know that financial hardships affect the whole family, and we are committed to helping you not only get out of debt but live a debt-free life. You don’t have to walk this path of financial insecurity alone. Contact us today and let us help.