Bank of America Debt Consolidation Options

Bank of America has assets worth over $2 trillion, making it the second-largest bank in the United States of America. It is a trusted provider and is known for offering a wide range of services that touch on finance. With over 4,600 locations across the country, it is among the most accessible banks in the country. If you are considering debt consolidation, Bank of America Debt consolidation options should be on top of your list.

Being a full-service bank, you can expect all manner of financial help from Bank of America. It offers services such as credit cards, savings and checking accounts, mortgages, and debt consolidation. Its consolidation loans require that you have a good income and a strong credit score. Some of the debt consolidation options offered by Bank of America include:

Credit and Debt Consolidation Counseling

To enjoy counseling services, you must enroll in a Bank of America account. Once you do so, expect the following:

Debt Settlement

If you are facing a financial crisis, debt settlement is among the best options you can consider, particularly from Bank of America. Debt settlement can relieve you of your debts within 2 – 3 years, provided you commit yourself to pay your monthly dues.

Bank of America will help negotiate a settlement in different circumstances. While you might be tempted to negotiate your own settlements with your lenders, it pays to have a professional institution like Bank of America handle your debt settlement issues. The bank has experienced and reputable financial experts.

Legal Action

Bank of America isn’t as aggressive as other institutions when it comes to seeking legal redress where delinquent debtors are concerned. The bank can wait for up to 9 months after the initial delinquency before they refer an account for legal collections. Better still; the bank will not refer all 9-month late accounts to legal collectors. The bank will review the collection laws, the amount owed, and whether the debtor’s assets and employment history make legal collection necessary. Bank of America seeks the best ways to assist borrowers. Check out the Bank of America mortgage reviews to find out more about how you can get help with debt issues from this bank.

Call Your Creditors

Before you consider the Bank of America debt consolidation options above, it would help if you called your creditor directly. Who knows, you might just land a good deal with your creditors without seeking debt settlement. All you need to do is to explain yourself well and state clearly the financial strain you are experiencing. Find out if your creditors have any debt consolidation programs that can give you some relief. Your creditors may agree to reduce your interest rate or allow you to pay lower than normal monthly repayments. 

Seek Outside Help

If your creditors and Bank of America aren’t willing to help, you might want to seek outside help. You can consider other debt relief institutions, whether debt settlement firms or credit counseling firms. Before you approach your creditors, try to understand how they deal with their customers to help you craft a strategy that’s most likely to succeed. 

Even though information about Bank of America debt consolidation options is available on their website, it won’t harm you if you hire a financial expert to advise you on your steps. Making any mistake along the way may make you lose your opportunity to get help.

Once you seal a deal with Bank of America or any other financial institution, try to honor your side of the bargain. Do not let your payment go beyond the due date, and don’t miss on payments. When at the end of everything you get relieved from your debts, try to plan your finances so you don’t fall into debt again.