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Georgia Attorneys Negotiating to Have Your Bills Consolidated

Advice for consolidating debt to manage heavy liabilities

The burden of multiple loans and other debts owed to lenders can seem overwhelming. If you are one of many people who owe more money than your income allows you to pay, you may feel hopeless, worried that your credit score will plunge, making it more difficult to find work or buy a house. But you have options.

Gastin & Hill, Attorneys at Law has helped countless clients like you to develop a satisfactory plan that consolidates your debts and helps to relieve the burden of overdue bills. Bill consolidation is an effective remedy for some people to get out of debt over a long period of time. It offers a reprieve from the collection tactics of creditors or the harassing phone calls from the agencies they hire.

What is debt consolidation or bill consolidation?

Debt consolidation, also referred to as bill consolidation, involves paying off many smaller loans by taking out a large loan from a single lender at a low interest rate. By combining all debts into one sizable, long-term loan, the principal and interest payments are spread out over a longer period of time. You pay a lower rate and are relieved of high short- term burdens. Consolidating debt can be an effective way for some people to avoid foreclosure and eventually have little or no debt.

While debt consolidation is a possibility for some clients who have multiple outstanding loans, there are other options that may work better, including debt settlement and personal bankruptcy under Chapter 7 or Chapter 13. To learn the best way to resolve your debt, you should speak to an attorney familiar with bill consolidation, bankruptcy and other options.

What are the benefits of debt consolidation?

There are a number of advantages to merging liabilities into one large sum. Someone who qualifies for consolidation may achieve:

  • Reduced interest rates — Distributing the principal balance over a longer period of time allows a lender assuming multiple loans to reduce interest rates on the larger loan while still collecting an acceptable amount toward the principal balance.
  • Reduced monthly payments — Lower interest rates mean you owe less every month. You can meet the obligations of the loan and still be able to afford everyday needs.
  • A rehabilitated credit score — If your credit score has suffered because of longstanding debt, your ability to make monthly payments over a long period of time can help raise it.

Bill consolidation is not the best long-term option for everyone.  It requires an expectation of income over a prolonged period of time. Speak with one of our debt consolidation attorneys before settling on a strategy for handling your liabilities.

Contact our Savannah office today for a free initial consultation about debt consolidation

Unfortunately, there are many companies that take advantage of people trying to solve their debt problems, which is why it’s important to speak with a knowledgeable lawyer for the best solution.   At Gastrin & Hill, Attorneys at Law, we have extensive experience counseling clients in bankruptcy and debt reduction matters.  Call us at 912-472-0993 or contact us online to schedule a free initial consultation to learn how we can help free you from the burden of debt.