Tired of juggling multiple payments with sky-high interest? Debt consolidation could simplify your life and cut costs—but only if done right. Discover how to untangle the mess and why it’s a smarter choice for many New Yorkers than endless minimum payments
Debt consolidation combines multiple debts into one loan or payment plan, often at a lower interest rate, making management easier. According to 2025 Experian data, it’s ideal if you have good credit and can secure favorable terms.
For NYC residents with average credit card rates over 20%, this can save hundreds in interest.
Founded by former bank attorney Efstathios Georgiou, Georgiou Law, PLLC guides clients through consolidation, ensuring legal compliance and optimal outcomes. Mr. Georgiou’s experience with major banks helps identify the best strategies.
How Debt Consolidation Works:
- Evaluate Options: Loans, balance transfers, or debt management plans (DMPs) via credit counseling.
- Apply and Combine: Secure a new loan to pay off old debts.
- Make Payments: One monthly payment, potentially lower.
- Monitor Progress: Track credit improvement.
Benefits:
- Simpler budgeting.
- Lower rates, faster payoff.
- Less stress from fewer bills.
Risks: Fees, longer terms increasing total interest, credit impact if missed payments.
Tips:
- Shop rates in 2025, as Fed pauses cuts.
- Avoid home equity if risking house.
At Georgiou Law, we offer free consultations to see if consolidation fits.
