How Debt Consolidation Enabled Americans To Chase Their Dreams

Debt has been a problem for decades. Things like poor financial management, impulsive spending, and unforeseen circumstances have resulted in many people owing more than they can afford to repay. Consequently, people fall behind on their bills, experience unfavorable credit ratings, and are limited in their ability to acquire mortgages, rental leases, vehicles, and other products and services. Feeling as if they’re stuck in a rock and a hard place, American citizens have turned to debt consolidation for relief. 

Restructuring Credit Card Debt

Financial agencies like Brice Capital have been around for years assisting credit cardholders with enormous amounts of debt. Interested parties can visit BriceCapital.com to determine their eligibility. If approved, the funds are distributed to outstanding credit card balances, eliminating the high interest, late fees, and associated costs that keep cardholders in debt for years. Consumers have the advantage of saving on interest and monthly payments while having a “second chance” at fulfilling their financial obligations. 

A Financial Lifeline

Short of ignoring the debt or filing bankruptcy, most people weren’t sure how to resolve their debt issues. Paying the minimum amount due only covered the growing interest and fees but barely touched the principal balance. On the other hand, skipping payments resulted in negative credit ratings, which made life more challenging. So, when presented with an opportunity to lump credit card accounts into one, save on interest, and eliminate collection efforts from credit card companies, most consumers saw it as a lifeline and took advantage. 

Financial Dreams Manifest

Once people gained control of their debt, the opportunity to pursue other financial endeavors presented itself. Americans capitalized on this second chance by investing in dreams like those listed below: 

Stock Market

Planning for the future wasn’t possible for individuals struggling to survive in the present. What little money they did have had to go towards paying off debts or covering everyday expenses. The money saved from using a debt consolidation loan created a window of opportunity. Savings from interest rates and monthly payments were applied to the stock market with the hopes of generating a positive return. These assets can be used for college education, retirement, vacations, and final arrangement expenses. 

Real Estate

For individuals that wanted to invest in something more tangible, the real estate market became a primary goal. Once they restructured their debt and made timely payments, they started to see a significant improvement in their credit histories and scores. This enabled interested parties to apply for loans, acquire investors, and save money to invest in properties in high-value markets. Some people became landlords for long-term financial security, while others improved, flipped, and sold properties for a large cash payout. 

Student Loans

Student loans are another sizable debt plaguing Americans. As college education in the US can average $25,000 a year or more, many young adults graduate with hundreds of thousands of dollars in debt. Ultimately, getting unsecured debts like credit cards under control enabled them to allocate more of their funds towards student loans. Many Americans were able to sign up for income-based payment arrangements and get their loans paid off faster. 

Businesses

Many people dream of starting their own businesses but didn’t have the financial backing to do so effectively. Poor credit histories and mountains of credit card debt made it challenging to acquire loans from traditional institutions. After restructuring their debt with a consolidation loan and being a responsible borrower, the improvements in credit scores, debt-to-income ratios, and credit utilization rates reduced their lenders’ risks. Now, they’re able to get the money they need to launch small businesses that align with their passions. 

When debt becomes unmanageable, it can have an adverse effect on every area of your life. Most importantly, you’re unable to pursue the life you’ve always dreamed of. Fortunately, there are financial agencies like Brice Capital that understand your struggle. By restructuring overwhelming credit card debt, consumers have freed up money and improve their economic status in ways that have allowed them to go after what they wanted.