Are you unable to repay those pesky credit card balances? Debt settlement might be able to help you trim down your credit card debt by a significant margin. At Florida Debt Consolidation, we can find you a debt settlement firm – this minute – that will:
- Make a deal with your creditors.
- Get a written agreement for debt reduction.
- Create a strategy to repay your debt in 2-4 years.
Legally, Crawfordville debt settlement firms have to disclose a good bit of information before getting started:
- Fee Structure: monthly fees have to be thoroughly spelled out.
- Timeline: they must say when they’ll reach out to your creditors, not to mention how much money must be saved.
- Liabilities: they should inform you of the adverse consequences of choosing not to pay your creditors
Be certain that your Crawfordville debt settlement company is legit by finding out the following:
- How long have they been operational?
- How much debt have they settled?
- How much do they charge?
- What is their record with the BBB?
- How successful have they been?
- Are they licensed to conduct business in the state of FL?
Just remember: no Crawfordville debt settlement agencies should charge fees in advance!
Though debt settlement may result in dramatic debt elimination, it’s a contentious process that requires a good bit of risk and sacrifice.
With debt settlement, you simply stop making payments to the credit card companies. In lieu, you deposit money into a checking account until you have enough to pay the amount arranged by your Crawfordville debt settlement agency. Lamentably, your FICO rating declines because you are not paying your creditors. Obviously, declaring bankruptcy would wreck your credit scores as well. In keeping with fairly new FTC policies, this savings, or “special purpose” account has to be in your control, whatever the result of your debt negotiations. It also must be FDIC-insured.
Suitable prospects for debt settlement have at least $10,000 of debt, are facing declaring bankrupty, and can no longer afford the minimum payments on their credit card bills every month.
If you have $10,000 of credit card debt, you are not alone – 1,864 of Crawfordville’s 18,820 residents are burdened by this much debt.
Along with your total debt, you need to calculate your ratio of debt to income on a monthly basis. The optimal ratio? 33 to 36%. In Crawfordville, consumers earn $19,422 a year, or $1,619 every month. That means a typical Crawfordville resident should fork out a maximum of $599 in credit card, mortgage/rent, and loan payments, but many people in Crawfordville are paying more than $810 month after month. Not surprisingly, these individuals need debt relief in some form or another.
Managing vs Negotiating Your Debt: Crawfordville, FL
Are you needing to decide between credit card settlement and consolidation? These are all methods of relieving debt. Settlement sets itself apart by ultimately causing a true lowering of the balance due. You continue to pay back your credit card companies each and every month as part of credit counseling, meaning your credit score is not affected nearly as much as it is during debt negotiations, during which you stop repaying your debt. On the other hand, credit counseling generally takes longer and in the end you will pay back your debt in full.
For additional information, go here: credit counseling in Crawfordville, FL.
How Much Will Debt Settlement Cost?
No debt settlement services in Crawfordville can charge you before they settle your debts. Any qualified debt settlement company in Crawfordville, FL, will only charge a fee once an account is paid off. Other debt relief options generally involve regular payments. For the most part, settlement agencies charge you a percentage of the debt you want reduced, often about 15 percent. Generally speaking, they are forbidden by law from making you pay until a balance has been settled.
Debt Settlement Firms: Crawfordville, FL
- Florida Debt Settlement Company? Contact us!