Are you hoping to cut back your debt by 20-60%? Getting in contact with a reputable Titusville debt settlement service may be the answer. At FL Debt Consolidation, our mission is to find you a debt settlement consultant in Titusville, FL who can:
- Bargain with your credit card issuers.
- Receive an official settlement for debt reduction.
- Develop a strategy to repay your credit card debt in 24-48 months.
There are zero commitments, and it’s free.
Please don’t trust your debt settlement to some underhanded firm. Any honest debt settlement company in Titusville, FL, will provide you with the following details before you sign on:
- Compensation: charges have to be carefully described.
- Schedule: they must tell you when they’re going to reach out to the credit card issuers, not to mention the funds must be saved.
- Risks: they should inform you of the detrimental repercussions for your credit score
You should make sure your Titusville, FL debt settlement consultant is legitimate by checking how long they have been in operation, how much debt they have negotiated, what their rate of success is, what their prices are, and whether they’re licensed to do business in Florida.
No Titusville debt settlement company is allowed to charge upfront fees!
Negatives to Debt Settlement: Titusville, FL
Though debt settlement can lead to substantial decreases in your debts, it’s an intense succession of negotiations that comes with several possible risks, costs, and sacrifices.
It’s estimated that 5,097 of Titusville’s 51,451 residents owe at least $10,000 to their creditors. We can help you find the debt relief solution that fits you best.
Negotiating your debts in this fashion does have a number of downsides:
- Deleterious to your FICO rating.
- Debt never fully repaid.
- Creditors may reject settlement.
- Debt keeps building while negotiations are going on.
- Collections calls probably won’t get better.
- Tax disadvantages.
- Can be 6 months before settlement occurs
FL Statute of Limitations as Regards Credit Card Debt
As a resident of Titusville, here’s what you should know in relation to the Florida statute of limitations when it comes to debt:
- Statute of Limitations: 5 years
- State Statute: 95.1
If you owe $10,000 of debt, are unable to repay what you owe, and would rather be free from debt than have a good credit record, debt settlement might be viable alternative to declaring yourself bankrupt.
Of the 51,451 residents of Titusville, 5,097 carry credit card debt of more than $10,000.
Calculating Your Debt-to-Income Ratio
If you’ve got a debt-to-income (DTI) ratio of 50% or more, then debt settlement or consolidation is something you should think about.
In a nutshell, if you’re dedicating over half of your pay in credit cards, home loan, and car loans, you need to contact a debt settlement expert in Titusville, FL. Considering that the average income in Titusville is $1,265 on a monthly basis, this is $633. You really need to have a ratio of approximately 36 percent ($455 in Titusville).
Managing vs Settling Your Debt: Titusville, FL
Debt settlement is often wrongly identified as credit counseling, managing debt, or consolidating debt. They are wholly distinct solutions.
Whereas debt settlement results in a reduction in what you owe, consolidation doesn’t. You continue to repay your lenders each month under credit counseling, so your credit score is not harmed nearly as drastically as it can be after a debt settlement, during which you quit paying back what you owe. On the other hand, consumer credit counseling generally takes longer and in the end you’re going to pay back your creditors in full. Go here to find out more about credit counseling in Titusville.
How Debt Negotiation Services Are Compensated
As the most radical debt relief option at your disposal, debt settlement is generally the highest priced. As a rule, settlement agencies charge a percentage of the amount you want settled, often up to 15%. Generally they’re forbidden by the FTC from making you pay until a debt has been repaid.
- Florida Debt Settlement Company? Contact us!