For residents of Hallandale, FL, debt settlement is becoming an ever more popular way of becoming debt-free.
At FL Debt Consolidation, we can help you find a debt settlement firm who helps people in Hallandale. Are you ready to reduce your credit card debt?
Of the 34,504 residents of Hallandale, 3,418 owe at least $10,000 to the credit card issuers. Debt settlement could possibly reduce your debt to $4000-$8000.
Locating a Debt Settlement Service: Hallandale, FL
You can’t put your trust in some shady agency. Virtually any good debt settlement company in Hallandale, FL, will give you a good bit of specifics before you join, such as how much their services costs, how long until they speak with your credit card companies, and what risks you should expect.
Be sure that your Hallandale, FL debt settlement company is trustworthy by checking the following:
- How long have they been in business?
- How much debt have they settled?
- How much do they charge?
- What is their rate of success?
- Are they licensed to conduct business in the state of Florida?
Don’t forget: no Hallandale debt settlement service is allowed to charge fees before getting started!
Often called debt negotations in Hallandale, debt settlement gives you a number of big benefits:
- 20-60% Decrease in Debt
- Big Savings in Interest
- Brief 24-36 Month Timeline
- Convenient Payment Plan
- Substitute for Bankruptcy
However, it’s an intense process that has several possible risks, expenses, and sacrifices.
The programs supplied by debt settlement firms in Hallandale, FL, do have their downsides. To start with, settling your debt will be a whole lot worse for your credit score over time than paying off your debt with a debt consolidation loan, since your credit balances won’t be paid in full. Additionally, your collection calls may not grow less frequent appreciably, as they will with a debt management plan. The first settlement may not happen for half a year, and during that time your credit balances will continue to mount. Debt you no longer owe may be taxable.
In Florida, credit card companies have 5 years to sue for credit card debt.
Debt settlement might be a good idea if you would answer in the affirmative to these questions:
- Have you been considering declaring bankruptcy?
- Do you have at least $10,000 in debt?
- Are you okay with having pretty bad credit if it’s necessary to break free from debt?
If you meet these criteria, it’s not just you. We estimate that 3,418 Hallandale residents are burdened by this much debt.
What’s Your Debt to Income Ratio?
If you’ve got a debt-to-income (DTI) ratio of more than 50%, then legal debt relief is highly recommended.
Simply put, if you are dedicating over half of what earn in credit cards, rent/mortgage, and loans, you’ll want to consult a debt settlement specialist in Hallandale, FL. Given that the average income in Hallandale is $1,117 each and every month, this is just $559. You want to have a ratio of just about 36 percent ($402 in Hallandale).
Managing vs Settling Your Debt: Hallandale, FL
Both debt settlement and management give you just one single monthly payment, but the similarities stop there. These are all methods of eliminating debt. Debt settlement stands alone by producing an actual cut in the balance due.
These methods of relieving debt – consolidation, management, and counseling – have much less of an impact on your credit rating over the years. However, they are protracted methods in which you pay all of your debt.
Check here for more information about credit counseling in Hallandale, FL.
Compensating Your Hallandale, FL Debt Negotiation Service
Being the most drastic debt relief option for residents of Hallandale, debt settlement is generally not cheap.
Nearly all settlement firms charge a percentage of the balance you want reduced, often about 15 percent. Though you should not be required to pay until they actually get your debt reduced.
A handful of lawyers in Hallandale, FL, may well provide debt negotiation. Many lawyers will ask you for a retainer, typically 5% of what you owe, in conjunction with a fee every month. The concern is that they are entitled to a big chunk of the debt they settle. The percentage varies, but it’s typically about 30 percent. As you expected, ultimately this is more expensive than the 14-20% you will be asked to pay a debt settlement agency.
- Florida Debt Settlement Company? Contact us!