Just can’t repay those pesky credit card balances? Debt settlement is supposed to help you lower what you owe significantly.
We can connect you with a debt settlement agency in Palm Beach – today – taking into account the amount you owe and the city you live in, in addition to one or two additional factors.
You shouldn’t trust some underhanded agency. Any honest debt settlement company in Palm Beach, FL, will give you certain details before getting started, including how much the fees are for their assistance, how much time until they speak to your creditors, and how much risk is involved.
You’ll want to determine whether or not your Palm Beach, FL debt settlement company is an honest one by researching how many years they’ve been settling debt, how much debt they’ve settled, what their rate of success has been, how much they cost, and you should make sure they’re qualified to conduct business in Florida.
A debt settlement program gives you several significant advantages:
- Debt Reduced by 20-60%
- Huge Interest Savings
- Brief 24-48 Month Timeline
- Convenient Settlement Plan
- Alternative to Bankruptcy
However, it has more downsides than some other forms of debt relief.
As a way to get a better settlement, your debt settlement company will probably have you quit trying to repay your creditors. Your funds will enter a checking account. When there is sufficient funds to pay the agreed settlement, not to mention your debt settlement firm’s fee, the money you owe will be paid off. Lamentably, your FICO rating declines because you aren’t making your payments. And also, the debt collector calls might not come to an end. According to fairly new FTC rules, your savings, or “special purpose” account has to be under your complete control, no matter the outcome of your debt negotiations, and it has to be FDIC-insured.
Who Should Try Debt Reduction: Palm Beach (FL)
If you have $10,000 of debt, can’t repay what you owe, and would rather eliminate your debt than have a good credit rating, credit card settlement may be a good solution.
If you fall into this category, don’t panic. We estimate that 1,109 Palm Beach residents carry at least this much debt.
Along with how much you owe in total, you’ll want to look at your debt as compared with your income on a monthly basis.
In a nut-shell, if you’re dedicating over half of your earnings in credit cards, rent, and/or auto or student loans, you have to talk with a debt settlement specialist in Palm Beach, FL. Given that the average income in Palm Beach is $7,016 per month, this is just $3,508. You want to aim for a ratio of around 36%, or $2,526 for the average Palm Beach consumer.
Palm Beach Debt Negotiation vs Credit Counseling
A lot of people confuse credit card debt settlement and debt consolidation. They are entirely separate. Almost all debt management programs offer up lower interest levels for your credit cards and/or payday loans, but no forgiveness of total debt.
When it comes to debt management, consolidation, and counseling, your payment per month is consolidated, but you keep paying back your creditors until your debt is fully paid. There’s no doubt that this is does far less damage to your FICO score, but reduced interest rates and fees are the only form of savings you’ll enjoy. For further information, click here: credit counseling in Palm Beach.
No debt relief services in Palm Beach should charge you in advance. Any good debt settlement company in Palm Beach, FL, will only bill you once each account is settled. Other debt relief solutions ordinarily call for flat payments.
The vast majority of settlement companies will charge you roughly 14-18 percent of your debt – that’s a lot! This service charge will normally be paid over 12-24 months.
Debt Settlement Companies: Palm Beach (FL)
- All American Credit Recovery, , 33462