An experienced Lighthouse Point debt settlement service might be able to reduce your debt to less than you thought possible. At FL Debt Consolidation, we can put you in contact with a debt settlement expert who works with consumers in Lighthouse Point. There are absolutely no obligations, and it’s free.
Finding a Debt Settlement Company: Lighthouse Point, FL
You shouldn’t settle your debts with some shady company. Any reputable debt settlement company in Lighthouse Point, FL, will give you certain details prior to joining. They spell out their costs, their timeline, and the risks of this method of debt relief.
Make sure you find out whether or not your Lighthouse Point debt settlement service is an honest one by finding out the following:
- How many years have they been in operation?
- How much debt have they settled?
- How much are their fees?
- What is their Better Business Bureau (BBB) score?
- How successful have they been?
- Are they registered in FL?
No Lighthouse Point, FL debt negotiation firm should charge advance fees!
Lighthouse Point Debt Settlement Considerations
A debt settlement program gives you some highly-touted benefits:
- Significant Debt Reduction
- Substantial Interest Savings
- Short 2-3 Year Timeline
- Flexible Settlement Plan
- Substitute for Declaring Bankruptcy
However, you should contact a professional debt counselor before moving forward.
We estimate that 5,239 of Lighthouse Point’s 52,892 residents need to eliminate over $10,000 of debt. You’re not alone. Get help with debt today.
With debt settlement, you just stop paying the credit card issuers. Instead, you put money into a checking account until you’ve got enough to pay the amount negotiated by your Lighthouse Point debt settlement agency. Lamentably, your credit rating declines because you aren’t making your payments. Additionally, the collection agency calls may not taper off. In keeping with somewhat new FTC rules, your savings account must:
- Be FDIC-insured.
- Give you unfettered withdrawals.
- Not penalize you for pulling out funds.
In Florida, credit card providers have 5 years to sue for unsecured debt.
To be qualified for a credit card settlement program in Lighthouse Point, FL, you normally have to have:
- $10,000 in Credit Card Debt
- $300 Per Month to Spend
If you are one of these individuals, don’t be discouraged. We estimate that 5,239 Lighthouse Point residents are living under at least $10,000 of credit card debt.
Lighthouse Point Debt to Income Ratio
People with debt to income ratios of 50% or more are perfect candidates for debt relief of some kind, whether it be settlement or consolidation.
In a nutshell, if you are allocating over 50 percent of your wages to credit cards, rent, and/or car or student loans, you need to get in touch with a debt settlement consultant in Lighthouse Point, FL. Considering that the average income in Lighthouse Point is $1,514 each month, this is $757. You really need to shoot for a ratio of around 36%, or $545 for the average Lighthouse Point resident.
Lighthouse Point Debt Settlement vs Consolidation
Both debt settlement and consolidation allow you to enjoy just one monthly payment, but the commonalities end there. Debt settlement leads to a decrease in the amount you owe, whereas consolidation or management does not. You continue to pay back your loan providers every month under credit counseling. That means your credit score is not harmed nearly as dramatically as it can be during a debt settlement. After all, with credit card settlement you stop paying back your debt. On the other hand, debt consolidation generally takes longer and in the long run you will repay your debt in full. For more information, go there: debt consolidation in Lighthouse Point, FL.
Whereas debt management programs have regular fees each month, debt settlement expenses are normally applied after each account is paid off. Generally, settlement companies will charge you approximately 20 percent of your debt – which is a lot! Though you should not be required to pay until they actually get your debt reduced.
A handful of law firms in Lighthouse Point, FL, may offer debt negotiation assistance for their clients. Many attorneys will charge you a retainer, together with a monthly fee. The issue is that they get paid a big chunk of the forgiven debt, in most cases a third. Typically, this is less affordable than a debt settlement company.
Despite the fact that this individual is a lawyer, they can’t just keep creditors from suing you. It’s regrettable, but many people think otherwise.
- Florida Debt Settlement Company? Contact us!