Many people in Buffalo feel like they are drowning in debt with nowhere to turn to get relief. Debt consolidation and debt settlement can be a solution. Our partners at ConsumerAffairs researched the best debt consolidation in Buffalo to guide you to a better financial future.
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Buffalo residents seeking relief from constant creditor calls or collection letters have several options, including debt consolidation. Debt consolidation can help you turn multiple payments into one payment, lower your interest rates and possibly reduce the amount you owe.
One of the most common forms of debt consolidation in Buffalo is debt settlement. With this process, you’ll make monthly payments into an account set aside solely for debt settlement purposes, and a debt consolidation company will use that account to negotiate with creditors to settle your debts.
Most debt settlement companies in Buffalo prefer clients with an unsecured debt of $10,000 or more. Secured debt is not eligible for debt consolidation.
Secured vs. unsecured debt
Secured loans are tied to collateral that can be seized by the creditor, such as your house or car.
Examples of secured debt include auto loans and home mortgages.
Unsecured loans are not tied to any collateral.
Examples of unsecured debt include medical bills and credit card debt.
Getting started with debt settlement in Buffalo
There are many things you can do to begin the process even before you speak with a representative.
Get organized. Put together a simple spreadsheet or paper list of all your debts using a program such as Google Sheets. A digital spreadsheet allows you to share information with a debt consolidation company and make changes as needed.
Ask questions. Makes sure you understand the process and what is expected of you. A reputable debt consolidation company should be able to answer any questions you have.
Stay focused. Once you start the process, talk to different debt consolidation companies to find one you’re comfortable using. After signing up for a program, stay organized and see it through to the end.
If you’re ineligible for debt settlement, there are other options you can look into, such as transferring your debt to a credit card with an introduction zero percent interest on balance transfers or taking out a debt consolidation loan.
Finding reputable debt settlement in Buffalo
When comparing companies, watch for companies that may be a scam. Warning signs of a scam include companies that:
Demand upfront payment (other than small fees to pull your credit report)
Promise they can reduce or eliminate your debt
Refuse to send you free information about its services unless you provide personal and financial information
Debt settlement generally takes between two and four years, and although it can initially have a negative impact on your credit score, it may be a better option than bankruptcy.
National Debt Relief offers a number of debt solutions and provides a specialist to work with you. The company is accredited by the Better Business Bureau and has online tools to help you decide if debt settlement is right for you. Customers in Buffalo give the company high marks for its customer service.
A proprietary electronic debt settlement system combined with expert debt consultants makes Credit Associates an effective choice for debt relief. Reviews say that customer service is helpful and communicates well throughout the process, which lasts between two and three years. You can get a free consult with no obligation by contacting the company.
At CountryWide Debt Relief, approval of a debt consolidation option is guaranteed and you can see what you qualify for in a matter of minutes. A variety of plans try to get customers debt-free in just a year or two. Case studies on their website show how debt consolidation plans have worked for others.
Freedom Debt Relief has helped eliminate more than $9 billion of debt for its U.S. customers. The company offers flexible payment options and provides a no-risk consultation. Customers in Buffalo say they loved the service and found the staff to be friendly and knowledgeable.
Accredited Debt Relief offers debt negotiation and other programs to Buffalo residents. The company partners with additional service providers to negotiate your debt with creditors and develop a plan that can help you settle your debts. Customers in Buffalo say they appreciate the company’s flexibility on payment amounts.
Pacific Debt Inc. offers many different program types to help you create a customized plan. The company has settled more than $200 million in debt for its customers since 2002 and has an A+ rating with the Better Business Bureau. Customers in Buffalo appreciate the clear explanations and say the service is a great value.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.