If you are looking for a company that can assist and advises you on debt consolidation San Diego has many qualified organizations. Debt consolidation can help you regain your financial footing and help you to improve your credit. Among the many organizations that provide debt consolidation, San Diego based business Pacific Debt offers some of the most comprehensive services regarding debt settlement.
Pacific Debt Inc. has been in business for over 10 years. During this time period, Pacific Debt has become a very successful business with high customer service rating and an A+ rating with the Better Business Bureau. Pacific Debt provides a variety of services, including consumer credit education information and debt settlement assistance. The majority of the work that Pacific Debt completes is debt settlement. Debt settlement is a process in which a consumer gets his or her creditors to reduce the amount of money that they will require the consumer to pay in order to pay off the debt he owes. In 2010, Pacific Debt Inc. settled an average of $1.5 million a month in consumer debt. Debt settlement is only one of the options available to consumers struggling with credit card debt.
Another option for many consumers is debt consolidation. Debt consolidation requires taking out a new loan in order to pay off existing debt. This allows consumers to make only one payment a month, rather than countless payments to multiple creditors. Some consolidation loans are secured with collateral, such as a house, car or other pieces of personal property that has value to it. Debt consolidation loans are ideal for some consumers, while other debt solutions are preferable to other consumers.
Debt consolidation is ideal for consumers who have good credit and want to maintain their credit rating. Debt consolidation loans pay off all of the existing accounts, so consumers stay in good standing with their credit card accounts. Closing out multiple accounts at one time can negatively impact a consumer’s FICO score. Since the loan is often secured, consumers may be able to receive a lower interest rate than they had on their credit card accounts. This difference in interest rates can make payments to the debt consolidation company be lower than the minimum monthly payments on the credit card accounts. Another option is for consumers to pay a higher amount than their required monthly payment to lower the principal of the amount owed and to pay the loan off faster. However, debt consolidation loans do come with a few drawbacks. Debt consolidation loans may require you submit a property for collateral. This can tie up your assets and put them in jeopardy in case you get behind on your payments. You may also wind up running your credit cards up again and then you will have double the debt load.
If you are seeking assistance and want more information about debt consolidation San Diego has many qualified debt consolidation companies including Debt Pacific. Contact Debt Pacific for a confidential conversation regarding your credit situation and the remedies that are available to you.