Options For Clearing Debt Binghamton NY

A guide to the benefits and disadvantages of different ways one can get out of debt. It discusses consolidation, bankruptcy, and debt relief programs.

Local Companies

1 2 3 Credit and Debt Counseling Service
(607) 772-6901
2 Hawley St
Binghamton, NY
New Hope Credit Counseling
(607) 770-8622
1 Crestmont Rd
Binghamton, NY
Metro Interfaith Housing Counseling Program
(607) 723-0582
21 New St
Binghamton, NY
Settled For Less
(845) 473-3510
39 Market St Ste 2
Poughkeepsie, NY
Manhattan Credit Rebuilder
(718) 648-9600
2753 Coney Island Ave
Brooklyn, NY
Credit & Debt Counseling
(718) 731-1709
1775 Grand Concourse
Bronx, NY
Freedman Jeffrey Attorneys At Law
(716) 856-7091
424 Mian St # 622
Buffalo, NY
Community Credit Counseling
(631) 233-8700
95 Oser Ave Ste B
Hauppauge, NY
International Credit Facility Inc
(212) 736-0850
1350 Broadway Rm 2416
New York, NY
Ahern & Ahern
(631) 269-9500
1 Main St
Kings Park, NY

Options For Clearing Debt

Consolidation

1. Benefits

  • Lower monthly payments
  • No worry of paying multiple debt collectors every month, pay only one agency
  • Percentage of debt charged by consolidation company
  • Costs for Loan
  • Cost for counseling or negotiation

2. Negatives

  • Appears on your credit like bankruptcy
  • Requires you to get another loan
  • If you own a home loan will be tied to your equity
  • Takes between 5 and 10 years to pay off the loan
  • First few years no big change in debt reduction
  • Does not always prevent creditors from future legal collection action

Bankruptcy

1. Benefits

  • Costs between $700-$3000

2. Negatives

  • On credit report for ten years
  • Finances made public record
  • No assets are allowed with Chapter7
  • Creditors can file adversarial hearing that costs $3000
  • Credit severely damaged

Debt Relief Program

1. Benefits

  • Payments can stop as soon as the program starts
  • Credit Repair available after a short time
  • Good credit repair options available

3. Negatives

  • Usually only credit card debt and unsecured signature loan

About the Author:

Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products.
waresbus@waresbusiness.com

Article Source: thePhantomWriters Article Submission Service

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