Debt Consolidation

Written By Melissa Cook
Nov 21, 2022
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Debt consolidation is the process of combining all your debt (credit card, mortgage, student loan) into one monthly payment. A consolidated debt is paid off with a single loan. This can have several advantages including eliminating multiple monthly payments and having one monthly bill to deal with.


Debt consolidation loans can be a great solution for those who are struggling with multiple debts and are able to meet the terms of their new loan. The main benefit of consolidating your debt into one payment is that it makes managing your finances much easier and less stressful. While there may be some fees associated with consolidating your debt, these fees could be offset by the many benefits offered by this method. In order to determine if debt consolidation is right for you, it’s important to consider all aspects of the process before making any decisions about whether or not it’s the right solution for you.


The first step in the debt consolidation process is to determine what type of loan you want to use to consolidate your debt. There are a number of different loans available, including personal loans, home equity loans, and credit card balance transfers. You will also need to figure out how much money you need to borrow and how quickly you can pay it back. Once these steps have been completed, the next step is applying for a consolidation loan from a financial institution such as a bank or credit union . In order to be approved for this type of loan, most lenders require that your total outstanding debts do not exceed 50-60 percent of your income.


After being approved for a consolidation loan, it’s important to create a budget and determine how much money you can realistically pay toward the debt each month. If you have any other expenses such as medical bills or credit card payments, it’s important to include them in your budget so that you don’t end up using the consolidation loan for these types of purchases. Once you’ve created a reasonable budget, be sure to stick to it and make all payments on time .


Debt consolidation isn’t right for everyone and there are some risks associated with this type of loan. Before deciding if this is the best solution for dealing with your debts, it’s important to carefully consider all aspects of the process so that you can weigh out its benefits against its potential drawbacks before making a final decision. Speak with an Americor professional today on how you can start on the road to a debt free life.


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About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

18200 Von Karman Ave, 6th Floor Irvine, CA 92612
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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

Americor Funding, LLC (18200 Von Karman Ave, 6th Floor Irvine, CA 92612) is fully accredited by the Better Business Bureau (BBB), the American Fair Credit Council (AFCC), and the International Association of Professional Debt Arbitrators (IAPDA). CA Department of Financial Protection and Innovation (DFPI) License # 603K913.

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