Illinois Debt Relief Program
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Many Illinoisans Are Distressed And Debt-Ridden
The State of Illinois is so much more than fields and farms. From the Mid-Western warmth of its citizens to its strong sports presence, the Prairie State is a wonderful place to call home. With no shortage of shopping or dining options in Chicago and plenty of outdoor adventures to be had in one of its 300+ state parks, residents of Illinois always have something to look forward to. Unfortunately, the financial future isn’t so bright for many in the Land of Lincoln. Because of inflation, Illinoisans are paying thousands of dollars more per year on basic necessities like utilities, groceries, and rent. And with some areas of the state seeing a 10% increase in housing prices, many Illinoisans are left distressed and debt-ridden.Illinois Residents Are Weighed Down by Debt
With the prices of essential items increasing every day, Illinois families are scampering to make ends meet. Many are increasing their household debt by charging food, medicine, and clothing on their credit cards. The average credit card debt in Chicago is $10,670 per household whereas the average credit card debt in America is approximately $5,733. Households in Aurora are also deep in debt, owing on average $11,668 to credit companies. For many families that can only afford minimum monthly payments and need to also cover their mortgage, student loans, or auto loan, there seems to be no way off the hamster wheel. The fear of facing debt collectors becomes real for many. See how many minimum monthly payments you will need to make to considerably lower your loan debt, as well as the interest you’ll incur with the calculator here.What Causes Debt in Illinois?
Illinois people are not alone to face increasing loan debt. Throughout the United States, debt statistics show that people are struggling to cover their monthly necessities without going into debt, for a multitude of reasons.People’s incomes don’t cover necessities
There is an increasing mismatch between what people in Illinois earn and how much they have to spend to cover their monthly expenses. Even with two incomes in a household, things are tough due to the inflation rate. House prices and rents have also increased. Many Illinois residents use their credit cards and personal loans to cover everyday expenses, gas, groceries, and other necessities. This can quickly turn into a debt spiral because credit cards and loans have to be repaid. If incomes are not high enough, debts start building up.Credit card and minimum payments
Many people are shocked to learn that credit card minimum payments typically don’t lower the credit card balance. Consumers are mistaken in thinking that by making the minimum payment they are slowly paying off their balance. Minimum payments, however, usually only cover the interest charge. With minimum payments, you are just paying the bank or credit card companies for the profit it makes on your credit card. The more you use your credit cards, the more the balance increases and, accordingly, minimum payments increase. But you still are not paying off your credit card. After months of payment minimum payments, your credit card is maxed out and you suddenly face a mountain of debt. Luckily, Americor debt specialists are here to provide debt relief services for you and your household.Paying for unexpected events without an emergency fund
Very few people in Illinois can afford an emergency fund to pay for home repairs or unexpected events that require large sums of money. Most people rely on their incomes to pay for such emergencies. Medical emergencies, an expensive car repair, or anything that can rock your monthly financial planning gets paid by credit card or a personal loan. However, these credit cards and personal loans have to get repaid. Many people in Illinois find it hard to repay their debts once the emergency has passed. They slowly drown in unpaid cards and bills which is when they turn to Americor to find debt relief. Our debt specialists can help you find the right debt relief option for your situation to get back on track with your personal finances.Credit Card Debt Relief with Americor
People in Illinois have several debt relief programs available to them. Our debt specialists at Americor have got your back when it comes to professional solutions with regard to dealing with debt, like debt consolidation loans and debt settlement. Let’s take a look at all your options.Credit counseling
Credit counseling can help you get a clearer picture of how much you earn and how much you spend. This can help you evaluate your expenses and lower them to an acceptable level so that you have enough room to pay off your debt. Sometimes people lose track of their earnings and how they spend their money and credit counselors can give them a better grasp on their personal finances.Debt consolidation loan
Americor can help you negotiate a debt consolidation loan to merge all your existing debts and loans into one loan. You repay all your existing debts and you then have to pay the consolidation loan with one single monthly payment. Consolidation loans simplify life and often come with lower interest rates than other loans. You only have to remember a monthly payment and you can negotiate the repayment period to streamline it into your monthly expenses. You can roll any credit card debt, personal loan, private student loan, and medical debt into your consolidation loan.Debt settlement
Debt settlement helps you reduce your overall loan debt by up to 50%. Americor can help you negotiate debt settlement with your creditors so that you can lower the level of your debt to more manageable levels. The remaining debt is usually paid with a lump sum so that you are debt-free. Debt settlement depends on your level of income, the extent of your debt, and how much of your debt you reasonably repay. Debt settlement will appear in your credit report but your credit score should bounce back with time.Debt management programs
A debt management program helps you repay your existing debt with more favorable terms. You can make a repayment plan that extends the repayment timeline and you can negotiate lower interest rates so that you are not burdened by excessive payments.Bankruptcy
As a last resort, bankruptcy is a big step to take when all other options haven’t worked out. If you have a level of debt that’s beyond any possible means of repayment, you can file for bankruptcy with the help of a lawyer who will present your case to the court. Your income, debt level, and assets will be taken into account and you may be asked to relinquish some of your assets as part of the deal. Bankruptcy stays in your credit history for ten years and is the most radical debt-relief process available to Americans.Americor for Illinois Debt Relief
Debt might sound daunting but with Americor by your side, you know you have experienced debt specialists when you need help with debt relief. We also carry accreditation from the Better Business Bureau, which shows our attention to ethical practices and careful professional debt relief planning. Each situation is unique and Americor debt specialists strive to give the best debt relief in Illinois for your financial circumstances. Contact us today for more information. Our professionals have the know-how to evaluate each Illinoisan’s financial situation and offer them the best debt relief advice. An Americor debt specialist can explain to you how debt consolidation loans and debt settlement function so that you can evaluate which solution best fits your needs and your debt level.Illinois Debt Relief That Lightens Your Load
If you want to significantly lower your debt, check out our valuable debt relief services we provide:
“In 2020, I was drowning in debt. I enrolled in Americor for my 10 creditors for $110,000… and today (three years later) I have cleared my entire balance. It was not an easy process, but Americor guided me through and I am debt free!”
“I was down $80k in business debt, and I remember hearing Americor radio advertising. My credit score was down to 570 from 810. I’ve been in the program for over 3 years. It works, just be patient. And my credit score is currently back up to 710!”
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“I’m retired and on a fixed income. I got myself in a bind with high interest credit cards. I had to work 6-7 days during the week just to pay my bills, but had nothing left over at the end of the month.”
Illinois Debt Relief FAQs
We specialize in a variety of debts such as credit card debt, personal loans, medical bills, payday loans, and certain types of secured debt. Americor can help you negotiate a consolidation loan or debt settlement, depending on your debt level, overall income, and financial situation.
If you are struggling with debt, we stand by your side and give you objective debt relief solutions that will help you come on top of your debt within reasonable terms and times.
Debt relief is a strategy to restructure your debt, either by reducing the total amount owed, lowering interest rates, or extending the repayment period, making it easier for you to pay off your debts. You can negotiate a consolidation loan to merge all your debts into one loan with one monthly payment and potentially lower interest rates. You can also choose debt settlement if you need to reduce the level of your debt to more manageable levels.
Illinois debt relief companies provide a variety of services that can help you manage and possibly reduce the amount of debt you owe. They can offer assistance with debt management, negotiate with your creditors for reduced payments or interest rates, or settle a debt for less than what is owed. They are experienced in dealing with all types of debts including credit card debts, medical bills, personal loans, tax debts, and student loan debt.
Debt management and debt consolidation are two different strategies used to help people manage their debt in Illinois.
Debt management is a strategy used to create repayment plans, while debt consolidation is a strategy to combine multiple debts into one loan with a lower interest rate and/or one monthly payment.
With debt management, you work with a credit counselor who will review your financial situation and create a plan to help you pay down your debt over time. You will still have responsibility for repaying the debt yourself, but the counselor will help guide you through the process.
Debt consolidation, on the other hand, combines all of your debts into one loan so that you pay less overall in interest and make one monthly payment instead of several. It requires taking out a loan from a bank or lender, typically at a lower interest rate than what you currently owe on those debts, and can help you save money in the long run.
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