Eastpoint Recovery Group, Inc. | Debt Collection Agency | Buffalo, NY | Resources to pay of your collection account

 Do you have a balance that you would like to pay in full, but don’t readily have all the funds available? You’re not alone – In this post we will discuss alternatives methods to resolve your past due accounts.

 

Personal Loan – Do you have a relationship with a local bank or credit union? If so, taking out a personal loan to pay off your balance may be a great option for you. As of right now, the cost of borrowing money is at near all-time lows. What this means for you is that you can pay your debit off in full, and then make regular monthly payments to your current loan. Many of our customers find this to be viable way to satisfy their accounts.

 

Utilize an existing credit card – If you have another credit card that has the available limit, using that to pay off your account can help. Given that your current line of credit will have more favorable repayment options than a delinquent account, this tends to be a viable solution for most. If you have multiple credit cards, we at Eastpoint Recovery Group Inc, recommend weighing your options carefully, as far as which card to use. Take into consideration the interest rate, any incentives (points, rewards, 0% APR for  first 12 months) to make the most informed decision.

 

401K Loan – Borrowing against your 401K is another option to help yourself out of debt. The common misconception is that once you take a loan, you will be responsible for paying the taxes on the borrow amount, as well as penalties. This is not the case, as that only applies to liquidating, not borrowing against. Terms tend to vary depending on who manages the plan, but we see that typically, you are able to borrow up to 50% of the total balance with repayment terms between one and three years.

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