People think speaking with an attorney about debt relief in St. Louis, Missouri, means all the talk will be centered on bankruptcy. While many debt relief attorneys do tend to steer people towards bankruptcy, it isn’t the only option they can offer to people struggling with debt. The fact is that there are other ways to help someone avoid the bankruptcy process altogether, which might be more beneficial to certain financial situations.
One of the leading options for debt relief in St. Louis is a debt consolidation loan. This type of loan makes a great deal of sense for different reasons. Consolidation loans can be used to pay off any debts a person has accumulated. In addition, it simplifies the repayment process.
Instead of paying multiple creditors at different times each month, which can be difficult to keep up with, the person will make one payment. Not only is this convenient, but it also helps to avoid inadvertently forgetting to pay a particular bill. Simply missing one bill can cause things to spiral out of control. It can lead to late payment fees and over–the-limit fees, which can make it harder to get back on track.
While these benefits alone are enough reason to consider a consolidation loan, there is also the cost savings. In many instances, especially with revolving lines of credit, debt consolidation loans are cheaper to pay for each month. They can offer much lower interest rates and these loans also allow for quicker payoffs than standard lines of credit.
There are other things that can be done, such as negotiating with creditors to lower interest rates and to restructure debt repayment plans, but debt consolidation loans are a good thing to consider if you want to avoid the bankruptcy process. In some instances, depending on how far behind a person is in debt, a debt consolidation loan may not be possible. In some cases, a loan sizable enough to pay off your debt could be difficult to secure. However, speaking with someone from the Law Offices of Steven K. Brown is a good place to start. For more information on what this law firm can do for you, visit us online.