While debt has been a growing problem faced by consumers over the years, it was exacerbated when the pandemic emerged last year. After a wave of business failures, millions of people were laid off from work. To survive, many had to rely on their credit cards to cover the basic cost of living.
Besides the economic hardships caused by debt, it can also cause chronic feelings of anxiety. If stress continues for a long time, it may lead to health complications.
In this Brice Capital review, we will take a close look at frequently asked questions about debt consolidation, and we will also examine how Brice Capital debt consolidation services could put the economic pressures and the psychological stress of overwhelming credit card debt behind you.
In essence, Brice Capital is a lending company that specializes in offering consolidated loans for credit card debt. Unlike most financial companies that offer consumer loans to ease debt, Brice Capital does not offer a variety of loans to pay off secured and unsecured debt. Additionally, unlike other consolidated loan companies, Brice Capital does not cover all kinds of unsecured loans, such as loans to pay off medical bills or student loans.
It’s also important to point out that Brice Capital only provides unsecured loans, which means that you do not need assets to support your loan application. For instance, you do not need to offer your home, car, boat, or other valuable property as collateral for the loan.
Our country is now at a point where millions of people spend more than they earn, leveraging the power of high-interest credit cards to close the gap between income and desires. America Radio host Dave Ramsey, a popular voice on issues of personal finance, believes, based on studies, that “80% of Americans are caught up in the chains of debt.” Drawing an analogy, he says that this is equivalent to counting ten people at random on the street and recognizing that eight are in debt. Millions of Americans are in debt because of insufficient personal finance education and an avalanche of advertising encouraging people to spend all their money and a little more. In truth, there’s little to no education about personal finance during the average person’s formative years. For the most part, parents and teachers are unlikely to teach children personal finance disciplines such as creating an emergency fund.
Statisticians estimate that the average American carries about $90,460 in debt. The average American earns about $908 a week, or $ 47,216 a year. When you compare this average income level to the average debt, you can clearly see that most people spend almost twice as much as they earn.
There are many ways to get rid of debt, and here are some examples of some of the most common options:
Unfortunately, not all these debt-reduction methods are effective. For example, you might not earn enough to always pay more than the minimum on a bill. Or, another example, a creditor may not be willing to settle for an amount that you consider satisfactory. Still, one method works if done properly: refinancing your debt works because it lowers the interest on a debt. Since this makes it easier to pay more toward the principal of the debt, it eliminates debt at a faster pace.
Debt consolidation is a method to pay a high debt. It’s a type of refinancing, where you take out a loan to pay off other loans, such as money borrowed from credit card companies. Debt consolidation is usually necessary when a person is overwhelmed by their personal debt because of progressively increasing monthly balances, high-interest rates, and penalty fees, such as late payment fines.
A debt consolidation loan is a loan that combines several diverse debts into a single account. For instance, when you get a consolidated loan to pay off all your credit cards, you are not getting rid of your debt but just transferring it to another account. Now, instead of paying several credit card companies at different times of the month, you only pay the lender of the consolidated loan an affordable amount every month for the life of the loan.
First, you will pay a lower interest rate on your consolidated loan than you paid to the credit card companies. This is possible because a consolidated loan is based on a fixed interest rate, while credit cards are based on variable interest rates. Variable interest rates, also known as floating interest rates, are generally high because they are tethered to changes in the market interest rate.
Next, you only have to pay your debt once a month for a single account rather than several times a month for multiple accounts. This can be a source of tremendous relief because it saves you considerable time and effort every month managing your finances.
Finally, you pay off your debt at a slower rate, spreading it out over a larger span of time. As a result, pay less each month than previously. Because of the smaller payments required, your debt becomes more affordable.
Brice Capital has the knowledge, experience, funding, and other resources necessary to provide you with a consolidated loan. You won’t need to provide any collateral to get the loan, and you can even get debt consolidation for bad credit. Reviews on Brice Capital will give you some idea about how people have been able to get out of their chronic anxiety over high debt once they try debt consolidation.
How Do I Apply With Brice Capital?It’s easy to apply with Brice Capital. In fact, the process is straightforward: after filling out a short form, you can talk to a customer service representative. He or she will explain how credit debt consolidation works and offer recommendations on the best debt consolidation plans for your circumstances. There’s no obligation, so what’s keeping you from tackling your debt?