Home Money Business Education Hawkeye Associates Review: The Debt Consolidation Vaccine

Hawkeye Associates Review: The Debt Consolidation Vaccine

Credit Card Debt
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What do Hawkeye Associates and Pfizer Have In Common?

They can both bring normalcy back to your life in 2021. Just as the CDC recommends that you get vaccinated for COVID-19 as soon as you are eligible, I recommend that you qualify for debt consolidation with Hawkeye Associates when they begin taking applications in May. Unfortunately, Hawkeye Associates isn’t accepting new applications as of today, but when they do it will likely be the best deal in town.

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Urges Consumers To Consolidate Debt Now – Inflation is Coming

Hawkeye Associates is expecting so much demand for their debt consolidation services that they are trying to keep their new program quiet until they formally launch. They typically work with those who have received personalized invitations but you can keep checking their website to see exactly when they will open their doors to the public.

Hawkeye Associates Debt Consolidation
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A significant portion of the US population has some form of debt. Thus, debt consolidation with Hawkeye Associates can be an excellent way to manage your debts with greater ease and reduce the amount of your overall debt. You can consolidate your debt in many effective ways. However, you must be aware of some risks of choosing those options. This article will answer the question “what is debt consolidation?” along with some options to consider.

Hawkeye Associates Debt Consolidation

What Is Debt Consolidation?

The Hawkeye Associates debt consolidation process involves combining multiple debts into a single payment for each month. Thus, you can take out a new loan and pay high-interest debts, which include loans and credit card payments. Consolidating your debt can help you get rid of your debt in a shorter period because you will have a timeline to pay off your debt.

Debt consolidation enables you to set a specific date for your monthly payment for debts with varying payments. Consequently, managing your debt payments will get easier, and it’ll allow you to save money in the process. Consolidating your debt is advantageous, but it can be risky if you don’t make your payments on time. If you plan to opt for this financial plan, you should know how debt consolidation works.

How Debt Consolidation Works With Hawkeye Associates

There are many different ways you can consolidate your debt with Hawkeye Associates. Here are some consolidation options you can consider. You should note that all involve transferring your debt.

Acquiring a Home Equity Loan

A home equity loan is when you put your house as collateral so that you can acquire a sum of money in return. That loan can help you pay off all of your existing debts. As a result, the home equity loan will be the only loan you will have to pay off. That said, you can only consider this option if you have equity in your current house.

One of this option’s advantages includes lower interest rates than unsecured personal loans. This is because lenders consider the loan to be less risky because your home is collateral. Moreover, other advantages include a fixed end date for repayment and more manageable monthly payments. However, there are some disadvantages to this option, such as less flexibility, more closing fees, and your house as collateral. Therefore, ensure that you can make all payments for the home equity loan comfortably because you will put your house on the line.

401(k) Loans

A 401(k) fund is a retirement fund sponsored by the employer. Taking out a 401(k) loan means you will borrow money from yourself, so there’s no interest or credit check. Withdrawing from your 401(k) fund can be risky because you will reduce your savings for retirement. Moreover, you will repay the entire loan balance all at once if you switch your employer. If you don’t, may have to pay the withdrawal penalty.

Acquiring an Unsecured Personal Loan

Acquiring an unsecured personal loan to pay off your debt with Hawkeye Associates can allow you to consolidate your debt. Unsecured loans are not backed by collateral. Therefore, this is a relatively safe debt consolidation option that you can consider.

A personal loan is also a good choice because the interest rate is typically significantly lower than the interest rate on credit cards. Therefore, acquiring an unsecured personal loan to consolidate credit card debt can help you save money on interest. With lower interest rates, you will have a smaller principal for every monthly payment. Make sure to qualify for a reasonable interest rate so that this option is a good one. You can obtain a personal loan from a credit union, an online lender, or a bank.

Balance Transfer Credit Cards

A balance transfer credit card offers interest rates on special promotional, which include 0% APR for a specific duration (typically, 12 to 18 months). You will have to apply online for this card. After you inform the new credit card company of the amount you want to be transferred and which card’s debt, you will have to wait for the approval.

You should also make a plan to pay the consolidated card off before the expiration of the promotional. After the rate expiration, the interest rate will increase significantly. Moreover, you most likely will have to pay a balance transfer fee that is 3% to 5% of your credit card debt.

Consider this example: you want to transfer $5,000. Your new balance transfer credit card charges a 5% transfer fee. Therefore, the amount you will have to pay off will be $5,250. This includes the existing debt total plus the transfer fee ($5,000 x 0.05 = 250). You may find only a few transfer credit card companies that do not charge balance transfer fees.

Advantages of Debt Consolidation

Here are the advantages of consolidating your debt.

Payments Are Easier to Manage

Managing one payment with Hawkeye Associates as opposed to many individual ones is easier. So, you won’t damage your credit score because you’ll lower the chances of forgetting to make some payments. Therefore, there is less risk with debt consolidation than managing many payments.

Lower Interest Rates

Lower interest rates meaning a smaller total debt amount overall with Hawkeye Associates.

Move Out of Debt Faster

Achieve a debt snowball effect to pay off your debt faster. Also, a specific end date can help with that.

Disadvantages of Debt Consolidation

Here are the disadvantages of consolidating your debt.

You May Extend Your Debt

Many debt consolidation options extend the loan term to reduce the principal every month. Thus, you can be in debt for an extended period.

You May Lose Your Collateral

Taking out a loan with collateral can reduce interest rates, but you may risk losing your collateral if you do not make your payments on time.

You May Have to Pay a High APR

If the promotional period expires or you miss payments, you may have to pay a high APR.

An Alternative to Debt Consolidation

Take a look at this alternative to debt consolidation.

Consider Debt Settlement

Debt settlement is a strategy that enables you to negotiate with creditors to satisfy your account. You will have to pay a fraction of your account’s outstanding debt. Consider debt settlement when your accounts are charged off or in collections.

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