No one wants the burden of excessive debt; there simply is no upside. An unmanageable debt-to-income ratio prevents individuals and families from doing the things they want, like enjoying a long-overdue vacation, or making large investments, including a new home or new vehicle. And debt also can have a significant negative impact on credit scores, thus complicating arrangements for major loans … and potentially even impacting the search for a new job.
A debt consolidation loan can be the solution, but consider carefully if this is the answer to your debt problems. You may actually be able to afford the debt you currently have, but would benefit from talking to a credit counseling professional. One recommendation would be the Credit Counseling Center at www.ccc-credit.com (215-396-1880).
These qualified debt professionals can help you with adjusting your monthly budget or helping you set one up. This could be the solution to paying down your debt. Just remember, the counseling center isn’t talking to your creditors on your behalf, but instead, they are giving you the strategy to pay your current bills.
If you have questions on what is the best options are for your debt issues, we are glad to talk. You can ask questions here on the blog, give us a call at215.860-9100 or simply stop by at one of twelve First National Bank offices.
Kevin Dolton, A.V.P / Branch Manager
First National Bank & Trust of Newtown