How a Debt Consolidation Loan stopped My Collection Calls
<p data-sp-element=”content”>Mary Anne Ellen never meant to default on so much debt. In fact, she was normally very careful about paying everything even before her divorce four years ago. She saved something from every paycheck, and even had a spreadsheet to help her determine which loans to pay off first. Her debt grew a lot, however, when she had to hire a lawyer to take her ex back to court for a child support hearing. Soon after that, Mary Anne began having a lot of problems. An illness made it necessary for her to miss a lot of work due to doctor appointments. As her hours at work and income decreased, her medical bills were going up. As doctor’s kept ordering more tests to find out what was wrong, she became more worried. Soon, she started to forget to pay her bills, and accounts were sent to collections before she had a chance to fix her mistakes.Collection agencies began Mary Anne several times a day. While she was trying to make up lost time at work, they would call. Once, she turned her phone off for two hours to have an MRI, and she discovered five missed calls from collection agencies when she got done.Fortunately for Mary Anne, there was a solution. Debt consolidation was able to help her get her finances back on track. Within a few days of calling, she had a loan that paid off all of her past due accounts, as well as all of her existing debt from her credit cards and doctors. As soon as they had the money they wanted, the collection agencies stopped calling. Instead of trying to deal with the dozens of bills she was getting every month, with a debt consolidation loan Mary Anne now gets just one bill for all of her debt. It’s always for the same amount, and it always has the same interest rate. She doesn’t have to constantly guess how much she should pay on each loan and remember a ton of due dates, she just has to pay one bill.Finally, Mary Anne is paying a lot less every month than she used to. That means that she’s able to start saving again and afford the things her kids need for school. Even though she’s still working fewer hours, she doesn’t have to cut her spending.