What to Know about Debt Relief in NY
If you live in New York, you know that the cost of living is extremely high compared to other states. While the average income among New York residents is slightly higher than average, often it is not nearly enough to afford basic necessities. As if it wasn’t difficult enough to make ends meet, the COVID-19 Pandemic has made things even worse for New Yorkers. With an unemployment rate of about 13%, many New York residents are relying heavily on credit cards and other forms of debt just to stay afloat. If you are struggling to make your payments, you should know there is hope! UmbrellaDEBT may offer debt relief to NY residents to help you regain control of your finances and get out of debt.
What is Debt Relief in NY?
Debt relief is a general term that refers to various different methods of helping you get out of debt. There are a few different types of debt relief, and the method that is best for you depends upon your financial situation. Debt relief is a better alternative to bankruptcy because you actually pay back creditors and debt collectors, instead of forgoing payments.
At UmbrellaDEBT, we will work with you to understand your financial needs and goals. From there, we can determine which debt relief option works best for you. We are committed to helping you get out of debt with the services we provide. If we are not able to help you directly, we will connect you with companies that can. Below, we will discuss a few different options for debt relief in NY and how UmbrellaDEBT can help you.
Debt consolidation is when a company consolidates all of your debts and you begin to make one monthly payment instead of several. This can be an effective method for anyone who has several high-interest unsecured loans, such as credit cards. There are two ways of going about this:
- With the help of a company to merge all payments into one, then the company distributes payments to various creditors.
- Securing a loan through a bank or credit union. You use the loan to pay off all your debts, then pay back the loan. This typically has a lower interest rate and saves money over the long term.
UmbrellaDEBT does not offer debt consolidation directly, but if you have determined that is the best option for you, we can refer you to companies who are able to provide these services for you.
Debt settlement is a debt relief service that is directly offered by UmbrellaDEBT in some circumstances. This is typically the most affordable type of debt relief and allows you to get out of debt quicker. With debt settlement, we can negotiate your remaining balances, and try to come to an agreement with your creditors. In some cases able to reduce balances by up to half. Our debt negotiators are very experienced in successfully reducing debt balances. We are confident that debt settlement can help you pay off your debt quicker and with less stress and sacrifice than other methods.
UmbrellaDEBT Debt Relief NY
If you are struggling to keep up with your debt payments, contact UmbrellaDEBT today. Our compassionate team is ready to help you take control of your finances and get out of debt for good!