Sometimes the only way to get rid of a debt is to make another one. Oftentimes, we found ourselves overwhelmed by our financial debts, which only seem to pile up. Debt consolidation entails taking a new loan in order to pay for your multiple consumer debts, usually unsecure ones. Unsecure debts are usually smaller debts that are not backed by assets. We can place in this category medical bills, utility ones, credit card debts, student loans and others.
The benefits of debt consolidation
The biggest benefit of debt consolidation, and the reason why so many people use this method, is obtaining a lower interest rate and a lower monthly payment.
Another benefit of debt consolidation is the fact that it consolidates all your debts into a single debt, so you don’t have to keep track of multiple separate debts. You only have to pay one monthly fee.
What is CuraDebt?
CuraDebt is a company that offers debt relief services, including debt consolidation. The company is on the market for more than 20 years and it is headquartered in California.
CuraDebt currently offers debt consolidation services, tax relief, debt settlement services and it operates in 37 states.
CuraDebt offers 3 types of debt consolidation programs: a non-profit program, a secured debt consolidation program and an unsecured debt consolidation program.
The non-profit program, also known as debt management program, is tailored for people who can’t pay their monthly payments. In order to benefit from this program, you have to pay 2% per month and a fee to the debt management company.
The secured debt consolidation program requires a guarantee from you, be it your car, house or other assets.
The last one is the unsecured debt consolidation program, which, as you probably figured it out, is suited for people with unsecured debts (we mentioned them above).
What CuraDebt brings to the table is a smaller threshold compared to other debt consolidation companies. CuraDebt only requires a debt of minimum $5,000 to be able to qualify for their services, unlike other companies that require at least $7,500.
Another great thing about CuraDebt is that they include a free consultation. All you have to do is call them. You don’t have to commit to anything. The only condition is to not be a resident of one of the states that are not covered by their services: CT, GA, KS, MT, ND, OR, PA, PR, SC, VT, WA, WV or WY.
Depending on the program you opt for, you have to wait from 2 to 4 years in order to complete the program and see results.
How it works
If you decide to enroll to one of CuraDebt’s programs, first you have to call them for a free consultation and have your financial situation assessed. You will find out whether you are eligible or not for one of their programs, and in case you aren’t, they will recommend an alternative.
If you do qualify, you will be assigned a debt negotiator and you will open a savings account to put money into. That money will be used to pay off your debts. CuraDebt’s team consists of professionals with experience in this field, such as public accountants, tax attorneys, state tax experts and more.
CuraDebt has a 20% fee of your total debt, which is below the industry average.