When credit card debt becomes overwhelming, debt consolidation companies help you reduce the amount you owe and pay it off sooner. Our partners at We researched the best debt consolidation in Lafayette to help you settle your outstanding debts and get back on a solid financial footing.
According to the Urban Institute, 38% of Lafayette residents have an outstanding auto loan and 12% are still struggling to pay back an average of over $15,000 in student loans. While this is lower than the national student loan debt average, it is still a significant burden for many Lafayette Parish households.
Debt consolidation services help Lafayette residents get a handle on their finances and pay their bills each month. With multiple debt consolidation companies available, people can choose the best debt consolidation services and providers for their needs.
Getting debt consolidation help in Lafayette
Debt consolidation companies combine your outstanding debts into one monthly bill, making it more manageable and easier to pay off. This eliminates the difficulty of dealing with multiple creditors and even puts you in a better position to negotiate your debt.
This negotiation is known as debt settlement, one of the most common types of debt consolidation service. A debt settlement company takes the amount you’ve put into your unified account and communicates with debt collectors and credit companies on your behalf to negotiate payment for less than you owe.
Debt settlement companies work with unsecured debts upwards of $10,000 and take anywhere from two to four years to completely resolve your debt, depending on the amount you owe and who you owe.
Secured debt vs. unsecured debt
There are two categories of debt:
Secured debt leverages assets that a lender can claim if the customer fails to make payments. These debts include car loans and home mortgages.
Unsecured debt does not have collateral. Examples of unsecured debt include credit card bills, medical bills and student loans.
Debt consolidation companies in Lafayette only work with unsecured debts, so make sure you fit these guidelines before pursuing debt settlement.
Debt settlement alternatives in Lafayette
Many Lafayette residents use debt settlement as a means of avoiding bankruptcy. While debt settlement may negatively affect your credit score in the short term, it is not as publicly available, complicated or severe as a bankruptcy.
Consult with a debt settlement company or financial advisor in Lafayette to see what’s your best bet for avoiding bankruptcy.
There are also options for debt relief in Lafayette if your total amount of debt is under $10,000, including:
Transfering your debt to a zero-interest credit card
Using a low-interest personal loan to pay off outstanding debts
Founded in 2008, National Debt Relief offers several debt relief services, including debt settlement. Customers use the company’s free online debt calculator and budgeting resources to help get themselves back on a sound financial path. Online reviews mention thorough explanations from staff members and desirable results.
Accredited Debt Relief works to lower its clients’ debt and eliminate the pain of having multiple creditors. It also has a variety of debt relief options and doesn’t charge any fees until after it resolves clients’ debt. Accredited Debt Relief even provides free consultations, quotes and over-the-phone debt counseling.
Freedom Debt Relief has resolved over $10 billion worth of debt for customers since 2002. The company also offers a free, no-risk consultation to Lafayette residents interested in debt settlement solutions. Local customer reviews mention its easy-to-understand payment plans and knowledgeable debt professionals as the main reasons for customer satisfaction.
Pacific Debt offers a variety of debt consolidation options, including credit counseling and debt settlement. This company has settled over $200 million in client debt during its more than 15 years in business. Reviews discuss supportive staff members and manageable monthly payments, thanks to Pacific Debt.
Debt Rx is among the longest-operating debt consolidation companies in the United States. It offers free, confidential consultations in addition to an Interest Rate Reduction program. Local reviewers mention a seamless debt settlement process along with dedicated staff members for each debt consolidation case.