Try Debt Calculator to Learn About Debt Relief Programs in Utah
Whether you want to get out of debt faster on your own or use a debt relief program — this debt calculator will give you all of your debt relief options available in the state of Utah.
Do you qualify for any of these Utah Debt Relief Programs?
Talk to an IAPDA Certified Utah Debt Relief Counselor for FREE at 866-376-9846.
Compare Utah Debt Relief Options
Looking to Reduce Interest Rates?
There are two debt relief options available in Utah that can reduce your interest rates. Consumer credit counseling and debt consolidation programs can both reduce your interest rates.
Debt Consolidation Loans – Utah
Debt consolidation loans can be used to pay off high-interest debt, leaving you with one low-interest loan to pay back and allowing you to get out of debt faster. Sounds great right?
Well, as good as it sounds, debt consolidation is the last resort that you should consider.
Why are Utah debt consolidation programs usually a last resort? If you’re struggling with debt, your credit score is also feeling the negativity of your high debt. If your credit score is less than 700, you won’t qualify for a low-interest loan. So unless your credit is in superb shape, you don’t want to get caught up in another high-interest loan.
- The average credit score for consumers in Utah sits at 678
- 9% of Utah residents have a declining credit score, and would not qualify for a debt consolidation loan
Warning: Bad credit debt consolidation loans do exist in Utah, but the companies offering these loans will charge you astronomically high-interest rates and fees. Don’t be tricked into one of these bad credit consolidation loan scams. Utah PayDay loans are not worth the money, they often come with the highest fees.
Utah Debt Consolidation Loans for Good Credit
If you have a credit score of 700 or higher, here are your best options for debt consolidation in Utah:
- Use a home equity line of credit as a debt consolidation loan to pay off your high-interest debts
- Find a low-interest credit union debt consolidation loan
Consumer Credit Counseling Utah
Utah non-profit consumer credit counseling programs can drastically reduce interest rates. If you’re current on your monthly payments and can comfortably afford to pay at least minimum payments — consumer credit counseling could be an outstanding option for you to use to get out of debt faster.
Upside to Utah Consumer Credit Counseling Programs
- Debt free in 4.5 to 5 years
- Very little negative effect on credit scores
- Late fees can be waived and late payments can be re-aged to current
- Creditors continue getting paid each month so you don’t have to deal with creditor harassment
- You only pay a single monthly payment, making it easier to manage your credit cards
Downside to Consumer Credit Counseling
- Takes longer to graduate than debt settlement and debt validation programs
- 3rd party notation shows up on your credit report, and though this doesn’t lower your credit score lenders do look down upon these marks and it could prevent you from getting approved for future purchases that you attempt to make with your credit
- Very minimal reduction in payment compared to when making minimum monthly payments
Utah Debt Relief Programs are Available at 866-376-9846.
Utah Debt Settlement and Debt Validation Options
Debt negotiation and settlement services can lower the overall balance on each debt, allowing you to become debt free in 36 months on average.
However, before you sign-up for a debt settlement program, use debt validation to first challenge the validity of each debt — because you may not have to pay a debt.
With debt validation, your debts will be disputed, and the debt collection companies will be forced to prove that they’re legally attempting to collect on each debt — and often they can’t prove it!
- If a debt can’t be validated, you don’t have to pay it
- A debt and it’s associated negative marks could be removed from credit
- Debt validation can be the least expensive route to dealing with a debt
If you’re behind on monthly payments, contact one of Golden Financial’s IAPDA Certified Counselors Today.
- We need to first evaluate your credit report and look to see if you could qualify for debt validation.
- After evaluating your credit report and budget, we can present your best debt relief options to you.
- If you don’t qualify for debt validation, the next best option would be debt settlement services.
Benefits of debt settlement programs in Utah
- Debt free in around 36 months on average
- Pay less than the full balance owed
- A single low monthly payment
- You see results over the course of the program (one debt may get paid off within six months, another debt can be resolved within 9 months, and then another debt within 13, etc…)
Downside to debt settlement programs
- Negative marks on credit
- Potential tax consequences that occur when a person settles a debt for less than the full balance owed — the IRS considers this income, and you could be required to pay taxes on the extra income. How to deal with this? File a #984 IRS form that shows you’re insolvent so that you don’t owe any taxes.
- Creditors aren’t paid each month, causing balances to increase before they get resolved (your debt can get worse before it improves)
Utah Student Loan Debt Relief and Consolidation Options
For federal student loan debt relief, Utah consumers can consolidate at StudentLoans.Gov. If your income has been negatively affected, use one of the government’s income-driven repayment plans. These plans can even provide you with loan forgiveness. Here are step by step instructions on how to consolidate and get student loan forgiveness.
If you need assistance with consolidating your student loans, contact Golden Financial Services. Our agents are Certified by the Association for Student Loan Relief and we can help!
For private student loans, you can settle these debts for less than the full balance owed. Call today at (866) 376-9846.
Best Utah Debt Relief, Consolidation and Settlement Company
Golden Financial Services is one of the few debt relief companies in Utah to maintain zero Better Business Bureau (BBB) complaints and an A+ rating. We have been focussing on Utah debt relief programs since 2004 and offer all of the options discussed on this page today.
Golden Financial Services Credentials:
- No BBB complaints (click to verify)
- All positive reviews on Google and Yelp (Google “Golden Financial Services”)
- Only pay if results are achieved
- IAPDA Accredited
- AFSLR Certified (click to verify)
- BBB A+ rating (click to verify)
Source: Value Penguin, https://www.valuepenguin.com/average-credit-score, 01/23/201