Taft Financial, a debt consolidation company, is offering hope to consumers with high-interest credit card debt. Just in time for the holidays? Let’s take a look.
Winter is in full swing, and as you may know all too well, the holidays can be an especially painful time to be in debt. The traditional mantra of the holiday season is: Spend, spend, spend. There are window displays, winter-spiced lattes, year-end sales, and songs about presents under the tree, and never does the message advise you to save your money. But what if your credit cards are maxed out? What if you’re having trouble paying your rent and necessary bills?
This is the situation many Americans are finding themselves this winter. The holiday songs are promising joy and material prosperity, and it can feel all too bittersweet to those who are trying to put gas in the car or buy a present for a loved one.
Can a debt consolidation company bring you hope for the new year? We looked at the Taft Financial reviews, and here’s what we found.
Debt Consolidation with Taft Financial
The reviews of debt consolidation with Taft Financial mention statements like, “Taft Financial showed me I could afford to pay [my credit card bills] off and still pay my rent and other bills.” How can they do this when your bank or other financial institutions can’t (or simply won’t)?
Before we discuss how to apply for Taft Financial, let’s explore: What is Taft Financial?
Taft Financial is a debt consolidation company. They work with Americans who are trying to get out from under high-interest credit card debt. They don’t handle student loans or mortgages; their entire specialty is working with credit card debt.
Debt Consolidation: What Is It?
The process of combining more than one debt, such as multiple credit cards, into a single monthly payment (usually with a lower interest rate) is the debt consolidation meaning. There are other options out there, as any balanced review will tell you. Unfortunately, these options aren’t ideal for everyone.
The most popular example is a balance transfer. Credit card companies will sometimes offer select customers a promotional interest rate of 0% on balance transfers for a new credit card. Sometimes they even give those customers up to 20 months to pay off the balance transfer without interest. Typically, however, these offers are only given to customers with a great credit rating and a stable income. Over the past year, many Americans have lost their jobs and high credit scores, leaving them to classify as “bad fit” for 0% balance transfers.
Another popular form of debt consolidation is a debt settlement plan. If you’re in financial distress, you’re probably far more likely to qualify for debt settlement than for a balance transfer credit card. The problem is that debt settlement companies ask you to stop paying your credit card bills until they can negotiate a new amount with the credit card companies. You can imagine what this does to your credit score. The damage can linger for a decade, making it more difficult for you to secure an auto loan, rent an apartment, and even get a job.
Is Debt Consolidation Even Important?
Credit card debt consolidation, on the other hand, allows you to pay your debts in full. As you will see in reviews on Taft Financial, the company will pay off your credit card debts in full, allowing you to pay them a single monthly payment at a lower interest rate than you were paying the credit card companies. As long as you make your monthly payments to the debt consolidation company, you won’t cause the damage to your credit score that working with a debt settlement company would cause.
Debt consolidation works best when you use it hand-in-hand with other tips to pay off debt. When you’re in debt and struggling to regain control of your finances, it can be helpful to try to pick up a side hustle, work additional hours, or sell some of your possessions. Additional tips include trying to cut your expenses as much as possible and starting yourself on a strict monthly budget.
What Are the Benefits of Debt Consolidation?
As mentioned, debt consolidation helps you pay off your debts in full. This is important to many consumers on a personal level; they don’t want to feel like they’ve “failed” to pay off their debts. It’s also important to future lenders, most of which will want to see if you have a history of paying off your debts.
Debt consolidation can also provide you with a lower interest rate. When you lower your interest rate, you pay off your debts faster and save money. Those high-interest credit card fees add up over time, especially if all you pay each month is your minimum payment.
And finally, debt consolidation can be easier than managing multiple payments. Instead of trying to figure out which card to pay on which day and how much, you can make one convenient monthly payment and move on.
Does a Debt Consolidation Affect Credit?
When you use a debt consolidation loan to pay off your credit cards, you do two things. The first is that you “fix” your ratio of how much credit you have to how much credit is actually available and unused. When you keep that second number lower, you’re likely to see your credit score improve. The second is that, provided you keep making your monthly payments to the debt consolidation company on time, you won’t negatively impact your score.
Why Consider Taft Financial?
If you’re thinking about applying for Taft Financial, you’ll be joining many other consumers who have had it with carrying a credit card balance. The news promises us economic hope in the form of stimulus and a revitalized economy, but sometimes you need something more tangible. Paying off your debts in full can feel amazing; it can be a life-changing experience to get your financial situation back under control. Taft Financial is a company that can help you do this.
Applying for Debt Consolidation with Taft Financial
We’ve seen what debt consolidation is and how Taft Financial can help you; now, let’s look at how to apply for Taft Financial. You might be surprised at how easy the application process is. Simply go to their website, answer a few questions, and you’re on your way. If you’re on the fence, it doesn’t hurt to try them out. Apply for Taft Financial today.