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Debt Consolidation

Eliminate. Don't Consolidate.

Facing a pile of debt that seems to be growing rather than shrinking due to monthly interests and other fees can be stressful. You may think there’s no way out. But we’re here to help. With our counseling and plan, you can get out of all your debts in just a few years.

At Your Family Bank, we suggest eliminating your debts, rather than consolidate them. In Miami, like in most states, debt consolidation involves taking out a loan to pay off all your other debts. It may feel like a step forward, but it isn’t. You’re merely moving your debts from multiple banks and lenders into a single account in one loan company.

The Dangers of Debt Consolidation

Debt consolidation can be a good option if the interest rate of the consolidation loan is lower than the current rates of your credit card debts and other unsecured loans. You get to have a manageable single payment for all your debts. As such, it helps you ease your cash flow and start making progress in your financial situation.

The problem, however, is when credit lines remain open after consolidation. You may find yourself using these credit cards, maxing them out again, and piling up debts on top of your consolidation loan payments.

It can be more dangerous if you take out a home equity line to pay off unsecured debts. Miss a few payments on credit cards, and you’ll get fees and some calls from creditors. But if you fail to make consolidated loan payments each month, your house can be foreclosed.

Other than taking out a huge loan to clear your debts, we recommend debt elimination, instead. We create a program to help you settle all your debts in nine years or less — and our agents are here to make sure you stick to the program.

The Power of Debt Elimination

In debt elimination, we work closely with you to help you get rid of all your debts. We recognize that how you get into debt is just as important as how much you owe. Our team pins down the root cause of your financial troubles and guide you as you address it — all while making sure you follow the debt relief plan religiously.

When you choose us, you don’t only get debt relief services but a financial consultant as well. We teach you how to improve your credit standing and wisely use the money you’ve freed up from following the plan. Equipped with financial education, you can regain control of your finances, pay off your debts in just a few years, and stay debt-free forever.

When it comes to overwhelming debts, don’t consolidate — eliminate instead. Get in touch with us today for a free financial evaluation or strategy session.