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Climbing Out Of Debt

Climbing Out of DebtThe average household in the United States holds over $7,000 in credit card debt, but the average for households who actually have credit card debt is over $15,000. Almost 50 percent of all Americans have a balance that they carry from month to month on at least one credit card. What this means is that there are millions of people across the country in debt. Add in the auto loan debt, mortgage debt, medical debt, and student loan debt; and we are a country that owes a lot of money. But how does the average person climb out of the debt trap? It’s difficult, but it can be done.

Create A Plan

If you really want to get yourself out of debt, you have to have a plan. Do you want to be debt-free in a year? Two years? Whatever it may be, write it down and stick to it. You have to work out a plan that will allow you to meet your monthly obligations, but also have enough to work on paying off all other balances.

Consolidate When Possible

For those with a variety of credit card, student loan, and other debt, it may be possible to combine all of those loans into one new loan that will offer a much lower payment. There are credit card companies that offer the ability to do balance transfers and have zero interest payments. It is an idea that can be used to help pay down some of your balances. When cards are paid off, make sure they are put somewhere where they will not be used again or even cut in half and cancelled.

Credit Counseling

You can get some great tips from a credit counseling company that can help you to establish a plan and stick to it. The company will devise a plan for you and you will make one payment to them. They will then pay each of your creditors accordingly helping you to achieve your goal of becoming debt free.

Consider A Short-Term Loan

Sometimes, a short-term loan might be feasible to assist in paying off some of your other higher-interest debt. A great source of immediate funds to help pay off other debts is a car title loan. In Florida, for example, Embassy Loans is able to provide vehicle owners with emergency funds pretty quickly. Loans are secured by the car or truck which is offered as collateral. There is no lengthy background or credit check needed, and the loans are processed usually within an hour.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.