If you’re hoping to become debt free without going bankrupt, we can help.
Our mission is to find you a debt settlement agency in Panama City, FL who can:
- Bargain with your credit card companies.
- Receive an official agreement for debt elimination.
- Establish a strategy to pay back what you owe in 24 to 48 months.
Locating a Debt Settlement Service: Panama City (FL)
According to the FTC, Panama City debt settlement specialists are required to disclose certain information before you sign on:
- Charges: charges must be completely described.
- Timeline: they have to say when they will contact your creditors, along with how much money you must have saved.
- Liabilities: they should inform you of the negative consequences to your credit that come as a result of choosing not to pay your creditors
Be sure that your Panama City, FL debt settlement specialist is trustworthy by researching the following:
- How long have they been operational?
- How many clients have they handled?
- How much do they charge?
- What is their Better Business Bureau rating?
- How successful have they been?
- Are they licensed to settle debt in the state of FL?
Debt settlement is the only program that actually results in a decrease in the overall amount owed. But it has more downsides than some other options.
Thinking about debt settlement in Panama City, FL? Hang on. There are a few things you should be aware of:
- Harmful for your credit scores.
- Debt not totally repaid.
- Debt continues to mount during negotiations.
- Calls from debt collectors will probably become more prevalent.
- Debt that you don’t pay may be taxed.
If you owe $10,000 in debt, aren’t able to repay what you owe, and would rather be debt free than have a good credit record, credit card debt settlement may be the right option.
If you are one of these individuals, don’t worry – 12,220 of Panama City’s 123,364 residents are burdened by this much debt.
Income vs Debt in Panama City (FL)
Together with how much you owe in total, you need to calculate your ratio of debt to income on a monthly basis. The ideal ratio? 30 to 36 percent. The average income in Panama City, FL, is $20,838 annually, or $1,737 every month. That means a typical Panama City resident ought to spend about $625 in credit card, mortgage/rent, and car/college loan payments. Regrettably, many people in Panama City are shelling out $886 or more monthly. These consumers could benefit from debt relief options in some form.
Consolidating vs Negotiating Your Debt: Panama City (FL)
Debt settlement and consolidation/management each has its own advantages and disadvantages. Most debt management plans result in more affordable interest levels for your credit cards. However, there is zero debt reduction is involved.
You continue to repay your creditors month after month during a debt management plan; thus your credit rating is not harmed nearly as dramatically as it is after debt negotiations, during which you quit repaying what you owe. However, credit counseling generally takes longer and in the long run you will pay back every cent you owe.
For additional details, click here: credit counseling in Panama City.
How Debt Negotiation Services Get Paid
No debt relief firms in Panama City are allowed to make you pay in advance. Any good debt settlement agency in Panama City, FL, will only charge you after an account is paid off. Most debt relief options normally involve flat monthly payments.
As a rule, settlement firms will charge you about 14-18 percent of the balance due – this is significant! Generally speaking, they’ve been forbidden by law from charging you until an account has been repaid.
Panama City Debt Settlement: Attorneys vs Companies
Panama City debt settlement attorneys are almost always more costly than a debt settlement consultant. The fee system for debt settlement attorneys in Panama City is actually distinct from that of specialized debt settlement agencies. That’s fine, except that they are entitled to a large share of debt reduction amount, most often 30%. Obviously, ultimately this is less affordable than a debt settlement agency. Don’t forget, this lawyer can’t give you legal advice they have passed the Bar in in the state of Florida.
- Florida Debt Settlement Company? Contact us!