{"id":36677,"date":"2021-12-06T09:00:19","date_gmt":"2021-12-06T17:00:19","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=36677"},"modified":"2022-01-25T06:12:52","modified_gmt":"2022-01-25T14:12:52","slug":"debt-consolidation","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/oregon-debt-alternatives\/debt-consolidation\/","title":{"rendered":"Debt Consolidation"},"content":{"rendered":"
Debt consolidation is the process of combining multiple debts with high-interest rates into a single payment under the new consolidation loan or balance transfer credit card. You may choose to consolidate debt<\/b> if you have several loans or lines of credit to repay.<\/p>\n
With debt consolidation, you take out a single loan to pay off multiple debts. It aims to reduce the total number of creditors that you owe. Consolidating your debts allows you to lower your interest rate<\/a> and get a reduced monthly payment amount. If you\u2019re dealing with a manageable amount of debt and just want to reorganize multiple bills with different interest rates, payments, and due dates, then debt consolidation can help you.<\/p>\n If you’re considering debt consolidation, call us today at Michael D. O\u2019Brien & Associates, P.C. by dialing (503) 694-4445 and schedule a case evaluation. Our reliable Portland bankruptcy lawyers<\/a> can help you understand the advantages and disadvantages of this debt-relief program.<\/p>\n<\/div>\n<\/div>\n<\/div>\n Debt consolidation is the process of using different forms of financing to pay off one\u2019s debts and liabilities. A credible debt consolidation attorney in Portland can help you understand and develop the best possible debt consolidation strategy to improve your financial situation. To consolidate your debt, you get a single loan to pay off your other loans, leaving you to make just one payment to a single creditor.<\/p>\n There are two broad types of debt consolidation loans: secured and unsecured loans.<\/p>\n<\/div>\n<\/div>\n<\/div>\n A secured debt or secured loan requires you to offer something you own of value as collateral, in case you cannot pay your debt. Secured loans <\/b>are backed by one of the borrower\u2019s assets as collateral, such as a house or a car. It comes in multiple forms such as home mortgage loans<\/a>, car loans, and secured credit cards. You have several options for debt consolidation using a secured loan. You can refinance your house, get a home equity line of credit, take out an auto loan, or apply for a second mortgage.<\/p>\n Generally, secured loans have lower interest rates compared to unsecured loans. Therefore, you may save money on interest payments by consolidating through a secured loan. Getting a lower interest rate will make your monthly payment more affordable. Secured loans are usually easier to obtain than unsecured loans because they carry less risk for the creditor.<\/p>\n\n
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