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Tulsa debt consolidating

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Debt settlement involves negotiating your debt to a lower balance, while debt consolidation entails getting all of your consumer debt into one, manageable loan.It's important to note that you can only settle unsecured loans; secured debts like your mortgage, auto loan and homeowner's equity line of credit can't be negotiated.

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Oklahoma's mortgage debt went up nearly one percent to 7.2 percent in 2017, leading the way in the tenth district of the Consumer Credit Report.Chapter 13 bankruptcy plans typically last around three to five years and stay on your credit history for 10 years.Bankruptcy is viewed as a last-ditch resort and should be avoided if possible.In addition, you might have to claim your forgiven debt as “income” on taxes.Debt consolidation and debt settlement might sound like the same thing, but they're actually very different.Debt consolidation is the process of combining debts from multiple creditors into one loan to pay them off, ideally at a reduced interest rate and an affordable monthly payment.

Since you're still paying the full amount of debt owed, you'll avoid a negative impact on your credit score and credit report.

At around 14 percent, Oklahoma and the tenth district are well above the national average in consumer finance debt, and just above the national average in student loan debt, at nearly 17 percent.

Credit card debt is one of the main culprits of consumer debt in OKC and nationally.

Sometimes called a wage earner's plan, Chapter 13 bankruptcy is an option for people who earn regular income to repay their debt by working out a payment plan with their creditors.

Debt consolidation and bankruptcy are very similar with one major distinction: Any additional income you earn during bankruptcy must go towards your creditor repayment plan.

VIEW ALL PLANS Care One Debt Relief Services specializes in providing debt relief and debt consolidation plans tailored to each individual’s circumstances.