Ohio Debt Consolidation

Debt consolidation options for Ohio residents depend largely on credit scores, monthly income, assets and debt ratios.

If you have a credit score above 680, you may have an opportunity to exercise your options to use the equity from your home to repay credit card debt. This usually consists of a debt consolidation loan or a mortgage refinance. Of course, this assumes that you are a homeowner with equity in your home and a secure job.

If you have substantial credit card debt and are having some trouble getting ahead, then you may be a candidate for a debt management program. Major credit card issuers generally require that you show reasonable ability to repay your debt given your family budget. In exchange, these creditors typically will reduce your interest rates, lower your required minimum monthly payments and consent to benefits available through a credit counseling agency.

Occasionally, you may take advantage of balance transfer offers to consolidate a couple of smaller debts into one account. Of course, you must weigh the finance savings against the 3% balance transfer fee and the possibility of a rate increase in the future.

To discuss your situation as well as your available options, contact a credit and debt counselor today!