Carrying credit card debt can feel like a real burden, especially when the monthly payments are keeping you from working on longer-term life goals, like saving for a house, paying for college, or saving for retirement. And these days, inflation is taking a bite out of our wallets, to the tune of almost 10 percent. The squeeze is real. So when you hear about debt consolidation, you have to wonder if it’s for you.
Is Debt Consolidation the Answer for Credit Card Debt?
In this White Mountain Partners review, we will look at frequently asked questions about debt consolidation and how it might work for you. And we will also consider how White Mountain Partners debt consolidation services could help you make a concrete plan to put your credit card debt behind you and move on with your life.
Debt Consolidation FAQs
Who Is White Mountain Partners?
Simply put, White Mountain Partners is a lending company that offers loans to consolidate your credit card debt into a single payment. White Mountain Partners management has more than 20 years’ experience in debt relief and resolution and they have trained their team to work with clients to help them understand the different pathways out of credit card debt.
What is Debt Consolidation?
Debt consolidation is a type of refinancing, where you take out a single loan to pay off other debts, such as money borrowed from credit card companies or debts owed for medical bills. Debt consolidation simplifies your debt by turning it into a single payment, and it also frequently offers a lower interest rate than what you might currently be paying on high-interest credit cards and other debts.
What are the Pros of Debt Consolidation?
- A single monthly payment
- A defined end term and payment plan
- Frequently, people qualify for lower interest rates than what they are paying on their credit cards
- The interest rate on the loan is fixed, unlike credit card interest rates, which can fluctuate
Are There Cons to Debt Consolidation?
Debt consolidation isn’t for everyone. It is possible that you won’t qualify for a loan at an interest rate that is lower than your current credit card interest rates, depending on what your credit score is. This is why it’s important to talk with a qualified financial counselor, who can review your debts and credit history and give you the straight talk on what you do or do not qualify for. White Mountain Partners’ financial advisors know how to do that.
How Do I Apply with White Mountain Partners?
It’s easy to apply at White Mountain: you will fill out a very short form and then speak to an advisor. He or she will review your debts, explain how credit debt consolidation works and offer recommendations on what your best plan is for your specific circumstances (i.e. amount of debt, monthly payment, current interest rates, etc.)
It’s important to know that there is NO obligation at all if you speak with someone at White Mountain Partners. You will have the opportunity to ask questions and get a clear understanding of what your options are for managing your debt at this time.
Have Other People Had Success with White Mountain Partners and Reviews?
Yes! It’s always good to hear the words of other customers who came before you and had a positive experience. You can read some of White Mountain Partners’ reviews on their website, and decide for yourself if you want to give Clay Advisors a try.