Understanding Debt Consolidation In Dallas Tx
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According to the Federal Reserve, consumer debt had soared to over $3 trillion by the end of 2014. It doesn't matter whether that nearly inconceivable amount is due to poor choices or unfortunate circumstances. What does matter is, if you're one of the 35 percent of Americans that the Urban Institute reports having debt in collections, you need a plan. For many Texans in debt, debt consolidation in Dallas TX may seem like a good solution. It would pay off your existing debt and allow you to start over. Before you sign on the dotted line, though, you should fully understand what debt consolidation is.

The term "debt consolidation" is often used interchangeably with debt settlement, but they are two different things. Consolidation is typically a loan, so while debt consolidation in Dallas TX will pay off your current creditors, it incurs one large debt that you're still responsible for. As Wells Fargo points out, you'll benefit from only having one monthly loan payment to keep track of and, many times, that one payment will be lower than all your existing loan payments combined. However, it's still a loan and will still go on your credit report. This can work to your advantage in rebuilding credit if delinquent payments have lowered your credit score. It may end up costing you more in the long run though, because you'll be starting over at square one with payments and interest.

The way that debt settlement differs from debt consolidation, is that creditors are approached and asked to consider accepting a lower amount than is owed in exchange for giving the debt a "paid in full" status. This can be done by the debtor, legal counsel or another party such as a credit counselor. This often means that the creditor has to write off a portion of the balance owed, but in some cases that offsets the cost of continued collection attempts and the possibility of not getting paid at all if the debtor declares bankruptcy. For the debtor, debt settlement typically means coming up with the agreed upon amount in a lump-sum payment, according to debt org.

If debt collectors and delinquent loan payments are plaguing you, contact the Law Office of William Kunofsky. With experience as a Certified Public Accountant, he is also the Dallas attorney who can help with your debt woes. He's a professional who will sit down with you and sift through the facts to determine which course of action is the best for your situation. Whether you're considering bankruptcy or need advice on debt settlement and debt consolidation in Dallas TX, William Kunofsky has the experience to return your peace of mind.


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