Debt Consolidation in Michigan: The Best Options For You

In the state of Michigan, debt consolidation loans are one of the most popular ways to consolidate debt. These loans offer a way for people with high-interest debts that they cannot afford to pay off monthly on time to lower their payments and interest rates. They also provide a sense of financial security for those who fear losing their home due to unmanageable credit card bills or medical expenses.

Do you have some debt in Michigan that is driving you crazy? If so, then this article will help you get started with your search for an affordable debt consolidation loan!

Debt consolidation loans are a great way to reduce your monthly payments

Debt consolidation is a great way to reduce your monthly payments and interest rates.

*The monthly payment on a debt consolidation loan is usually lower than the payments for your current debts.*

-Your credit score will take a small hit, but it should rebound within six months if you make timely payments and do not increase your debt.

-Debt consolidation loans are available from many types of lenders.

Consolidate all of your debt into one loan for lower interest rates and easier repayment 

*Consolidating all of your debt into one loan often lowers the interest rate and may decrease your monthly payment.*

  • The process is simple: you apply for a new mortgage, car or personal loan.
  • You then use that money to pay off debts like credit cards and medical bills.
  • *This will save you on high interest rates and fees, but your credit score will take a small hit.

-If you decide to consolidate debt with an unsecured loan like a personal or home equity line of credit (HELOC), it’s important to know the interest rate is often variable. It can also have much higher rates than traditional loans.*

If you are at a place where you you need more help with your debts than a debt consolidation loan, then debt settlement or debt relief service may be the next thing you would want to look into.

Your best bet is to talk to a debt settlement specialist, like any of the professionals at Alleviate Financial Services.

We have programs available in Michigan that will help you settle your debts—for less than you owe—and you may qualify for them.

Schedule a free consultation today for a risk-free debt assessment. The only thing you have to lose is your debt.