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>> Transfer To New Card
Numerous credit cards offer introductory deals with 0% interest on balance transfers for a specific period of time. Even some lenders extend this for 21 months, offering the individual more time to pay off the loans. “These are great and advantageous tools to facilitate debt reduction, as all your payments directly go towards the principal amount you owed,” Greg explained.
“Sometimes, you may not have enough credit to transfer all of your debts. If you don’t pay off the balance fully before the introductory period ends, you can be charged back interest, starting from the card acceptance date.”
>> Personal Loans
This is again a popular and good option for debt consolidation, as they have the advantage of lower interest rates than credit cards. Greg says that they usually offer shorter repayment periods, typically from one to five years, providing a definite timeline for getting out of debt.
He further explains that some may have origination fees and others may have hidden costs that can add up to the loan. So he encourages his clients to read and scrutinize the terms carefully while comparing lenders.
>> Consolidation Programs
“Consolidation loans help the borrowers to combine the monthly payments into one, which is then forwarded to the creditors,” says Greg. These programs are suitable for individuals with insufficient credit to secure a new credit card or loan.
He urges individuals to keep in mind that consolidation programs may necessitate canceling credit cards, making them unusable. Also, it is worth noting that all lenders will engage in a debt consolidation program, meaning, the borrower may still need to keep up with other payments.
About Greg Dunn Bankruptcy And Debt Relief Attorney
Greg Dunn Bankruptcy and Debt Relief is owned and operated by Greg Dunn, a former Navy JAG Attorney. He takes pride in having completed over 13,000 Bankruptcy cases and discharged Millions in Creditors and Tax Debts. His primary focus is on bankruptcy and debt relief to offer financial relief to individuals, families, and the military and help them rebuild their credit. Greg assists his clients through every process, from helping them gauge the necessity of bankruptcy, and offering strategies to avoid it to guiding them through recovery. In addition to this, Greg also offers his clients ‘credit rebuilding programs’, aiming to help them elevate their credit score to 720 within 12-24 months following the bankruptcy.
Greg extends his services across the state of Hawaii, including Hilo, Honolulu, Kailua-Kona, Maui, and Kauai. He offers free initial consultation at really affordable prices with the convenience of flexible payment options. Greg Dunn Bankruptcy opens seven days per week along with evening appointments. Know more at gregdunnhi.com
Greg Dunn
Greg Dunn Bankruptcy and Debt Relief Attorney
+1 808-524-4529
[email protected]
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