Settling your credit balances should be entrusted to an established Deerfield Beach debt settlement company.
At FL Debt Consolidation, our objective is to put you in contact with a debt settlement company in Deerfield Beach who will:
- Bargain with your credit card providers.
- Get you an official contract for debt forgiveness.
- Develop a program to pay back your credit balances in 2 to 4 years.
There are zero obligations, and no fees for what we do.
Don’t trust your debt settlement to some shady agency. Virtually any honest debt settlement company in Deerfield Beach, FL, will provide you with a good bit of information before you sign on. They explain their costs, their starting dates, and the hazards you are up against.
Make sure you determine whether your Deerfield Beach debt settlement company is an honest one by verifying the following:
- Credentials: Significant certifications include AFCC (American Fair Credit Council) and IAPDA (International Association of Professional Debt Arbitrators).
- Payment Structure: Ensure the rates they charge are acceptable.
- Consumer Reviews: Seek out positive case studies from recent clients.
Although debt settlement can lead to drastic forgiveness of your credit card debt, it has more negatives than some other types of debt relief.
So that they can get a better settlement, your debt settlement firm will probably have you stop paying back your creditors. Your money will go into a checking account. After there is sufficient funds to pay the arranged amount, as well as the fee owed to your debt settlement firm, your card balances will be paid off. In the meantime, your credit score goes down because you’re not paying your creditors. As expected, declaring bankruptcy would ruin your credit ratings as well. According to relatively recent FTC rules, your savings account should:
- Be FDIC-insured.
- Give you unrestricted withdrawals.
- Not penalize you for extracting money.
Debt Settlement and Lawsuits
Bear in mind, credit card providers are able to take legal action against a borrower to help them pursue a debt. There is a greater probability of going to court because you quit repaying your creditors every month.
In Florida, credit card companies have 5 years to bring you to court for unsecured debt.
In order to be eligible for a a debt settlement program in Deerfield Beach, FL, you usually need:
- $10,000 in Debt
- $300 a Month For Payments
If you meet these criteria, don’t panic. It’s estimated that 15,171 of Deerfield Beach’s 153,152 residents are living under at least $10,000 of credit card debt.
If you have a debt-to-income (DTI) ratio of more than 50%, then debt settlement or consolidation is worth exploring. The best ratio? 36 percent. The average income in Deerfield Beach, FL, is $32,716 each year, or $2,726 on a monthly basis, which means the average resident of Deerfield Beach should spend no more than $1,009 in credit card, mortgage/rent, and vehicle/student loan payments, but many Deerfield Beach residents are forking out $1,363 or more each and every month. No surprise, these consumers could use debt relief, whether it be credit card settlement or consolidation.
Settling your debts and consolidating them are two different solutions. All of these are methods of debt relief. Debt settlement is unique in that it brings about a total lowering of the balance due.
With debt management, consolidation, and counseling, your payment amount is combined. However, continue paying down the credit card companies until your debt is paid in full. This is easier on your FICO rating. Having said that, reduced interest rates and fees are the only form of savings you’ll enjoy.
Go here for more information about credit counseling in Deerfield Beach.
What Does Debt Settlement Cost?
Given that it’s the most extreme debt relief option for residents of Deerfield Beach, debt settlement is generally the most expensive.
For the most part, settlement firms will charge you approximately 20 percent of your debt – which is a lot! Generally they are restricted by the FTC from charging you until a balance has been paid off.
Debt Settlement Businesses: Deerfield Beach, FL
- Center For Credit Counseling Services Inc, 1015 W Newport Center Dr, 33442
- Credit Remedies Inc, 710 Mermaid Dr, 33441
- D & D Inc, 784 Tivoli Cir, 33441
- Debt Centers of America, 1701 W Hillsboro Blvd, 33442
- North American Consumer Credit, 1761 W Hillsboro Blvd, #402, 33442
- Opportunity Wealth Unlimited, 230 Woodlake Cir, 33442
- The Oliver Law Group, PA, 1166 Newport N, #116, 33442