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Wooden blocks with percentage sign and down arrow, financial recLooking for an alternative to bankruptcy? Debt consolidation loans are a great option if you have outstanding high-interest debt that you can combine into a single loan, ideally with a lower interest rate. For example–if you have several past-due credit card bills, it may be time to look into debt consolidation.

The unique benefit that debt consolidation loans have to offer is that they allow you to simultaneously reorganize your debt while protecting your possibility to secure a lower overall interest rate. They can also empower you to pay the total amount off faster, helping you to avoid more bills and fees.

Below, we’re discussing everything you need to know about debt consolidation loans in Utah and will be helping you to determine whether or not they are the right choice for your unique needs.

When should I consider debt consolidation?

Many who are facing bankruptcy are dealing with high amounts of high-interest debt, which can be alleviated with debt consolidation. Several secondary elements of your financial health can make debt consolidation a viable choice. We’ve listed a few of them below.

1. If you have a good credit score & need to pay off debt

If you currently have a good credit score, you’ll be able to consolidate your debt into a loan with more favorable terms. You may also be able to secure a lower total interest rate than you’re paying now. A credit score of at least 670 ensures that you’ll get a reasonable interest rate.

2. If you want consolidation with a repayment plan

Consolidating all of your high interest debt into a single loan (alongside an established repayment plan) is often the best option for debt consolidation. Something important to note here is that if you continue to make the minimum payment on your cards and outstanding debts, you won’t likely be free of your debt. You should only consider a debt consolidation loan if there is a complimentary repayment plan set up by the lender.

3. If you have high-interest debt adding up

When we talk about debt consolidation, we generally refer to credit card debt. Although there are other types of high-interest debt, this tends to be the most common type of debt people struggle with. Personal loans can average interest rates of 9% or higher, while credit cards start at a minimum of 14-16%. Consolidating your credit card debt into a personal loan with a lower interest rate reduces the amount you’ll pay in interest over the life of the loan–leaving you with a more savvy saving option to rely on.

Disadvantages of debt consolidation

While debt consolidation is a good choice under certain circumstances, there are still disadvantages to be aware of prior to making your final decision regarding your financial strategy. Below are some of the most important disadvantages to consider if you’re evaluating debt consolidation options.

1. Damage to your credit

Applying for a debt consolidation loan can drop your credit score by five to ten points from a hard inquiry. However, consolidating your debt instead of missing payments or defaulting altogether can strengthen your credit in the long run.

2. High fees

When you opt for debt consolidation to resolve your debts, the lender may charge origination fees of up to 8% to originate your loan. This added expense may not be feasible if you’re struggling to make payments on your current obligations.

3. Losing collateral

Consolidating your debt into a secured loan backed by collateral allows the lender to take the same collateral if you default on the new loan. This would mean losing your house, car or other collateral if you can’t keep up with payments.

How to apply for a debt consolidation loan

If you’ve decided that a debt consolidation loan is right for you, the next step is getting ready to apply. There is some work involved, but the loan can payoff for your financial future if you’re able to commit to on-time payments on the loan for your foreseeable future. Below are a few steps to take if you plan to apply for a debt consolidation loan:

Understand your financial profile

The first step in applying for the loan is to know where you are financially. A credit score of 670 or higher can give you the best possible chance of giving you a lower interest rate on your new loan.

Gather necessary documents

The lender will ask for documentation when you apply for the loan. Make sure you have your social security number, contact information and recent paystubs ready. You’ll also want any relevant employer information and records of current debts and obligations.

Shop your lenders

Avoid the temptation to go with the best offer, and take a look at other quotes. You want to ensure that you’re getting the best rate available.

Ascent Law assists with Utah bankruptcy cases

Facing bankruptcy? Trust the experts! The team at Ascent is here to help you to navigate the most complex elements of your bankruptcy case, having the necessary skill and experience needed to bring your case to full resolution. For more information, please visit our website.

Salt Lake City

From Wikipedia, the free encyclopedia
 
 
Salt Lake City, Utah
City of Salt Lake City[1]
Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple

Clockwise from top: The skyline in July 2011, Utah State CapitolTRAXUnion Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple
Nickname: 

“The Crossroads of the West”

 
Interactive map of Salt Lake City
Coordinates: 40°45′39″N 111°53′28″WCoordinates40°45′39″N 111°53′28″W
Country United States United States
State Utah
County Salt Lake
Platted 1857; 165 years ago[2]
Named for Great Salt Lake
Government

 
 • Type Strong Mayor–council
 • Mayor Erin Mendenhall (D)
Area

 • City 110.81 sq mi (286.99 km2)
 • Land 110.34 sq mi (285.77 km2)
 • Water 0.47 sq mi (1.22 km2)
Elevation

 
4,327 ft (1,288 m)
Population

 • City 199,723
 • Rank 122nd in the United States
1st in Utah
 • Density 1,797.52/sq mi (701.84/km2)
 • Urban

 
1,021,243 (US: 42nd)
 • Metro

 
1,257,936 (US: 47th)
 • CSA

 
2,606,548 (US: 22nd)
Demonym Salt Laker[5]
Time zone UTC−7 (Mountain)
 • Summer (DST) UTC−6
ZIP Codes
show

ZIP Codes[6]
Area codes 801, 385
FIPS code 49-67000[7]
GNIS feature ID 1454997[8]
Major airport Salt Lake City International Airport
Website Salt Lake City Government

Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).

Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]

Immigration of international members of The Church of Jesus Christ of Latter-day Saintsmining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.

Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]

Salt Lake City, Utah

About Salt Lake City, Utah

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Reviews for Ascent Law LLC Salt Lake City, Utah

Ascent Law LLC Reviews

John Logan

starstarstarstarstar (5)

We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.

Ascent Law LLC Reviews

Jacqueline Hunting

starstarstarstarstar (5)

I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!

Ascent Law LLC Reviews

Anthony Ziegler

starstarstarstarstar (5)

This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need.  My sister needed bankruptcy and I needed divorce.  Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!

Ascent Law LLC Reviews

Thomas Parkin

starstarstarstarstar (5)

Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.

Ascent Law LLC Reviews

Yeran Merry

starstarstarstarstar (5)

I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with.  They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most.  When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.

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