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Understanding Your Debt Options

Debt optionsWhile the American economy continues to recover from the recession of the late 2000s, there are still many individuals and families struggling with overwhelming debt. It is important to understand one’s options in dealing with such debt. Here are a few of those options:

Consolidating Debt

Depending upon your circumstances, you may be able to improve your own situation by consolidating your debt into a single, much lower overall debt payment. If you have several credit cards, a car payment, and other revolving debt, you can combine that debt into one new loan. That new loan can drastically reduce what you pay out each month. For example, you may be paying out $1,000 per month on your various credits cards. Combining them into one new loan, your new payment might be $500, which cuts your payments in half. For those with bad credit, there is also a consolidation option that involves a car title loan. Embassy Loans of Florida has helped thousands of customers in need of a loan take advantage of their vehicle’s value and consolidate and pay off debt.

Bankruptcy

At some point, you may have to consider bankruptcy to help take care of your debt. There are several different types of bankruptcies but, for the most part, individuals will file either a Chapter 7 or Chapter 13 bankruptcy. The Chapter 7, or straight bankruptcy, is the most common filed in the U.S. In most Chapter 7 cases, individuals are able to keep all of their property. Some of an individual’s property may be sold off to pay down some of the debt. In a Chapter 7 case, unsecured debts, such as credit card debts and medical debts, are erased.

Not everyone can file a Chapter 7 bankruptcy. If a person has a sufficient amount of income as determined by the courts, that person must file a Chapter 13 bankruptcy. A Chapter 13 case is essentially a repayment plan. Persons filing are subject to certain debt limits as well. A Chapter 13 bankruptcy proposes a new payment plan to creditors. The minimum payments are determined by the court based upon the filer’s income. Typically, individuals have three to five years to pay off the debt.

Bankruptcy can help eliminate many kinds of debts, but it does not work on all debts. Tax debts, for example, cannot be wiped out in a bankruptcy. Depending upon an individual’s situation, consider consolidating as much debt as possible into new lower payments in an effort to pay off debt and pay it off faster.



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.