It isn’t hard to accumulate debt– between credit cards, student loans, and car loans– it can surely be overwhelming. If you’re feeling like you’re barely keeping up with your payments without making any real progress, it may be time to consider debt consolidation.
Now certainly, debt consolidation can be an overwhelming term in itself. That’s why you should do your research and get the facts before you work with a consolidation company. What do the Memphis Associates Reviews say about debt consolidation? Can you actually find debt relief by turning to Memphis Associates? Let’s take a look.
How They Can Help With Your Debt
Proper Funding aims to help you consolidate your unsecured credit card debt. If you face challenges with high credit card interest rates, Memphis Associates is an excellent resource to help you take back control of your finances.
Who is Memphis Associates?
Proper Funding is not a financial group that helps with personal loans, student loans, or mortgages. As you’ll see from the reviews on Memphis Associates it’s a company that helps customers who want to eliminate high-interest credit card debt.
Proper Funding is a company that helps to lower your credit card interest rates with debt consolidation. The company helps to create a single scheduled monthly payment. This way, instead of paying multiple credit cards each month, you only have one monthly payment with lower interest rates. It may be a good idea to research Memphis Associates to understand if they’re the best debt consolidation
Is Debt Consolidation a Good Idea?
Is debt consolidation good? Is it worth it? Certainly, it is normal to be wary of consolidating your credit card debt. However, if you have poor credit it can negatively affect many aspects of your life. For example, if you are trying to buy a car, rent an apartment, or apply for a job– your credit may be pulled. Thus, if you have bad credit you can risk missing out on opportunities you wish to be a part of.
Not only that, but the stress of dealing with multiple credit card debts each month and keeping track of your payments can be too much to handle. Debt consolidation can give you a chance to start over and manage a loan with less interest.
How Does Debt Consolidation Work?
Debt consolidation is the combination of several other debts into one monthly payment with a lower interest rate. For example, you have one loan that is $687 a month, while the other is $540 a month. With Debt consolidation, you combine these into one loan payment. It can be an effective financial strategy if your debt carries high interest rates that makes it impossible for you to make any significant progress on your payments.
With debt consolidation, a company like Proper Funding allows you to stop paying excessive monthly payments to credit card companies and instead allows you to cover your debt by paying off a convenient loan to them.
Does Debt Consolidation affect credit?
For the long term, debt consolidation can help your credit score, but for the short term, it may temporarily lower your credit score. The reason being, is that the lender, potentially Memphis Associates, will check your credit which results in hard inquiry on your credit report.
Some companies including Proper Funding, do not ping your credit right away when you apply. With that said, you can complete the application process without worrying about your credit score.
The Pros for Debt Consolidation
Making your debt easier to manage: Debt consolidation is a great idea for certain individuals that become overwhelmed with their payments each month. With so many other bills to pay each month, it can be a challenge to maintain and manage credit card payments as well. By consolidating your debt, you won’t have to worry about managing multiple payments, or forgetting about one. Instead, you can pay one single loan without worrying about due dates.
Reduce your interest rates: High interest rates, means wasted money. With debt consolidation, you can reduce the money you burn on interest rates. With the money saved each month, you could invest it in the stock market, add to your savings, or spend on travel. Overall, the money-saving aspect is hard to beat.
Reduce your credit utilization score: Improve your credit score by consolidating your debt. Your credit utilization score, or the ratio of debt to credit limit may have a huge impact on your credit score. By paying off multiple debts at once, you can improve your credit utilization score, thus improving your credit score.
Cons for consolidating your credit score
You may be enticed to accrue more debt: Once you have cleared your credit cards and the balance is zero, you may be tempted to add more money onto your credit cards. Be sure to take care of your habits, so you don’t end up accumulating more debt on your cards like you did in the forest place.
Not Every Debt consolidation offer improves your interest charges: The key is to ensure that you are improving your interest rates, or else it defeats the purpose of your efforts. Consolidate credit card debt with the right company and you should be successful.
Should I consolidate my credit card debt?
If the pros outweigh the cons in this scenario, then you may want to look into how to get a debt consolidation loan. There is no single debt consolidation strategy that works for everyone, but try to consider your true financial health and reduce any spending while you work to pay off debt. Bottom line, your credit score matters to plan for your financial future– meaning debt consolidation may be an excellent option for you.
Why look to Memphis Associates?
Memphis Associates is a financial company that focuses on helping struggling people consolidate their debt and plan for a better financial future. By working with Memphis Associates, they will pay off your credit card balances in full.
How to Apply
If you have more questions or want to apply, you can learn more about Proper Funding on their website. After that, they should help you through your next steps!
