You don’t want to go bankrupt. A reputable St Petersburg debt settlement service can often provide you with a different option. At FL Debt Consolidation, we can find you a debt settlement company in St Petersburg, FL that’s best for your needs. What’s even better: there are absolutely no commitments, and no costs.
Selecting a Debt Settlement Firm in St Petersburg, FL
You can’t trust your debt settlement to some underhanded service. Virtually any honest debt settlement company in St Petersburg, FL, will provide you with certain information before you enroll:
- Compensation: charges have to be completely described.
- Timeline: they have to tell you when they are going to contact the credit card providers, not to mention how much money must be saved.
- Risks: they should explain the detrimental repercussions for your credit scores
Make sure to determine if your St Petersburg, FL debt settlement specialist is legitimate. Check 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 record?
- What is their rate of success?
- Are they licensed in the state of FL?
St Petersburg (FL) Debt Settlement Considerations
Also called debt negotation in St Petersburg, debt settlement gives you a number of significant advantages:
- Significant Debt Reduction
- Large Interest Savings
- Brief 24-48 Month Timeline
- Convenient Settlement Plan
- Alternative to Declaring Bankruptcy
However, it involves placing your money into a bank account month after month in lieu of repaying your credit card bills. Then you give them the agreed amount. Needless to say, this will be detrimental to your credit rating.
Around 24,270 of St Petersburg’s 245,000 residents need to decrease or consolidate at least $10,000 in debt. Are you one of them?
Settling your debts in this way has a few downsides:
- Bad for your credit score.
- Debt never totally paid back.
- Debt keeps growing during negotiations.
- Calls from collectors may keep coming in.
- Tax disadvantages.
Minimum Requirements for Debt Negotiation: St Petersburg, FL
Ideal St Petersburg debt settlement candidates owe no less than $10K of debt, are thinking about bankruptcy, and can no longer afford to make the minimum payments on their credit lines each month.
If you meet these criteria, you are not alone – 24,270 of St Petersburg’s 245,000 residents have at least $10,000 of credit card debt.
Loan merchants and credit consultants will look at your debt to income ratio (DTI).
Simply speaking, if you’re allocating more than half of what earn to credit cards, rent, and/or loans, you have to talk with a debt settlement specialist in St Petersburg, FL. Seeing as the average income in St Petersburg is $3,670 per month, this is $1,835. You really want to have a ratio of about 36 percent ($1,321 in St Petersburg).
Do you need to decide between credit card settlement and consolidation? Debt settlement entails a reduction in what you owe, and consolidation or management won’t. These forms of debt relief – for instance consolidation, management, counseling – are much better for your FICO score over the long haul. However, they are long-term alternatives in which you repay all of your debt.
For additional details, visit here: credit counseling in St Petersburg, FL.
Compensating Your St Petersburg Debt Negotiation Agency
No debt settlement services in St Petersburg are allowed to charge you before they settle your debts. Any legit debt settlement company in St Petersburg, FL, will only bill you once a credit card is paid off. Other debt relief solutions normally call for flat monthly payments.
Normally, settlement firms will charge you approximately 14-18% of your debt – that’s a big chunk of change! Typically they’re forbidden by the FTC from charging you until an account has been repaid.
St Petersburg, FL Debt Settlement Services
- Consumer Credit Counseling Of Tampa Bay Inc, 821 1st Ave N, 33701
- Debt Management Center Inc, 8601 4th St N, #200, 33702
- Debt Reduction Solutions Inc, 5150 Central Ave, 33707
- Credit Solutions LLC, 4785 58th Ave N, 33714
- Gary H Baker, PA, 724 2nd Ave S, 33701
- Sunshine State Bankruptcy Law Firm, 821 16th St N, 33705
- A American Credit and Debt Counseling Service, 123 4th St S, 33701
- Consumer Credit Counseling, 11201 Corporate Cir N, 33716
- American Debt CO LLC, 944 4th St N, #800, 33701
- Garner Cy R, 146 2nd St N, 33701