Roseland Associates Debt Consolidation Review[yoast-breadcrumb]
Roseland Associates Debt Consolidation Review: Our Experience & Advice
Hey there! We’re Delancey Street, a financial services company that helps people get out of debt and achieve financial freedom. Today we wanted to give you the lowdown on Roseland Associates, a debt consolidation company we’ve worked with.
What is Debt Consolidation Anyway?
Debt consolidation basically means rolling all your debts – think credit cards, medical bills, personal loans – into one new loan with one monthly payment. The goal is to make repaying your debt easier by lowering your interest rates and monthly payments.But does debt consolidation actually help or just dig you into a deeper hole? From our experience, it can go either way depending on the company you use.That’s why we wanted to give you the inside scoop on Roseland Associates. We’ll cover:
- What services they offer
- Interest rates and fees
- Customer reviews
- Our take on if they’re legit or shady
We’ll also share tips on:
- Deciding if debt consolidation is right for you
- Questions to ask any debt consolidation company
- Alternatives like debt settlement or bankruptcy
So buckle up! By the end of this review, you’ll know if Roseland Associates is worth it or if you should look elsewhere.
Overview of Roseland Associates
Roseland Associates is a debt consolidation company located in Roseland, New Jersey. They’ve been in business for over 20 years.Here are the key facts about their debt consolidation loans:
- Loan amounts: $5,000 – $100,000
- Interest rates: Varies based on credit score, around 6% – 25%
- Loan terms: 3 – 5 years
- Fees: Origination fee of 1% – 3% of loan amount
The way it works is Roseland Associates pays off your existing debts then you repay the consolidation loan to them with a single monthly payment.The goal is to simplify repayment and potentially get a lower interest rate. But keep reading, because this isn’t always the case…
What Do Customers Say About Roseland Associates?
We looked at reviews on third-party sites to see what real customers are saying.The feedback is mixed:
“I consolidated about $12,000 in credit card debt through Roseland Associates. My interest rate went from 29% down to 11% which is saving me over $200 per month.”
“I felt misled about the interest rate I qualified for. It was much higher than I expected at 22%. I’m not sure this was the right option for me.”
“The loan officer was friendly and helpful in explaining the process. But the fees ended up being more than I was originally told.”
“After consolidating my debts with Roseland, I’m now only dealing with one monthly payment instead of 5 different credit cards. It’s made managing my finances much easier.”
So it seems experiences vary quite a bit. Some people get lower rates and save money, while others end up disappointed.
The Good and Bad with Roseland Associates
Based on customer reviews and our own research, here are the pros and cons:Pros:
- Streamline multiple debts into one payment
- Potential to lower your interest rate
- Fixed monthly payment for set repayment term
- May improve your credit by paying off debts
- Interest rates can still be quite high
- Origination and other fees add to your debt
- Loan terms of 3-5 years means paying more over time
- If you don’t curb spending, can end up deeper in debt
So is debt consolidation with Roseland Associates legit and helpful? Or is it just preying on people in debt?Overall, we’d say it depends on your specific situation…
Is Debt Consolidation Right for You? Key Questions to Ask
Debt consolidation can be a smart option for some folks but totally wrong for others.Here are some key questions to think about:
- What’s your credit score? The higher your score, the lower interest rate you can qualify for. Under 620 will get you bad rates.
- How much debt do you have? The more debt you have, the more consolidation makes sense to simplify payments. But don’t take on more debt than you can handle.
- Can you curb spending? If you rack up more debt, consolidation won’t help in the long run. You need the discipline to change spending habits.
- How are your current interest rates? If they’re already low, consolidation may not lower them enough to save you money. Do the math.
- Can you pay off debts on your own? If you can pay off debts quickly by cutting expenses or with a side gig, you may not need consolidation.
Really think about your unique situation. Debt consolidation can be helpful for some people but also has risks.
Alternatives to Debt Consolidation
If you decide debt consolidation isn’t for you, here are a few alternatives to consider:
- Debt management plan – Work with a credit counseling agency to negotiate lower interest rates and payments with creditors.
- Debt settlement – Hire a debt settlement company to negotiate lump sum payoffs for a fraction of your debt. But this stays on your credit report for 7 years.
- DIY debt payoff – Make a budget, cut expenses, earn extra income and pay off your debts aggressively on your own. The cheapest option requiring discipline.
- Credit counseling – Non-profit credit counseling provides advice on managing debt and improving your finances.
- Bankruptcy – As a total last resort, you may qualify to eliminate certain debts through bankruptcy. But this damages your credit badly.
Each option has pros and cons. We suggest talking to a financial advisor or credit counselor to pick the debt relief strategy that’s best for your situation.
The Bottom Line on Roseland Associates
So what’s our take on Roseland Associates? They’re a legitimate company that’s been around for a while. Their debt consolidation loans can potentially help by streamlining payments and lowering interest rates.But it really comes down to running the numbers based on your specific circumstances. Consolidation loans have risks like high rates and fees that could dig you deeper into debt. Plus the discipline to change spending habits is critical.We suggest asking lots of questions upfront and reading the fine print before signing anything. Shop around and compare options too.Most importantly, really look at your overall financial situation. There are many different paths to becoming debt-free, like budgeting, earning more, or negotiating with creditors yourself.If you have more questions, feel free to contact us! We’re happy to offer free advice to help you make the best decisions for your situation. Wishing you the very best on your journey to financial freedom.