Are you unable to pay off your credit card debt? Debt settlement may be able to help you trim down your credit card debt drastically.
At Florida Debt Consolidation, we can match you to a debt settlement agency in Homosassa, FL – this minute – who can:
- Bargain with your credit card providers.
- Obtain an official contract for debt forgiveness.
- Create a plan to pay off your creditors in 24-48 months.
Go over your Homosassa debt settlement options with a qualified consultant – right now!
You shouldn’t trust your debt settlement to some shady service. Any good debt settlement company in Homosassa, FL, will give you the following details before getting started:
- Charges: charges must be carefully enumerated.
- Duration: they have to tell you when they’ll get in touch with the credit card issuers, as well as how much money you must have saved.
- Dangers: they should explain the adverse implications for your credit scores
Be certain that your Homosassa, FL debt settlement firm is trustworthy. Check the following:
- Accreditations: Significant certifications include AFCC and IAPDA.
- Payment Structure: Be certain that the fees they charge are competitive.
- Client Reviews: Search for favorable responses from prior customers.
Homosassa Debt Settlement Considerations
Often called debt negotiations, debt settlement is the only option that reduces the principal. But it shouldn’t be embarked upon without serious consideration.
Of the 22,548 residents of Homosassa, 2,234 owe at least $10,000 to the credit card issuers. It’s not just you. Get relief from debt today.
So as to negotiate the lowest reduction in debt possible, your debt settlement company will probably ask you to stop making payments to your credit card companies. Your funds will be put into a bank account. Once you have enough money to pay the arranged settlement, not to mention the fee owed to your debt settlement firm, your debts will be repaid. Unfortunately, your FICO score declines because you’re not paying your creditors. Obviously, bankruptcy would ruin your credit score as well. In keeping with fairly recent FTC regulations, this savings, or “special purpose” account must be yours to manage, regardless of the result of your credit card settlement, and it must be FDIC-insured.
If you owe $10,000 of debt, aren’t able to pay your bills, and would rather be debt free than have a favorable credit record, debt settlement may be worthwhile alternative to declaring yourself bankrupt.
If you meet these criteria, don’t be discouraged – 2,234 Homosassa residents are living under this much debt.
Income vs Debt: Homosassa (FL)
Individuals with debt to income ratios of 50% or higher are prime prospects for debt relief, whether it be settlement or consolidation. The perfect ratio is 36%. In Homosassa, people earn $21,794 a year, or $1,816 every month. That means the average resident of Homosassa should spend no more than $654 in credit card, mortgage/rent, and auto/student loan payments, but many Homosassa residents are spending over $926 each and every month. These consumers need debt relief solutions of some type.
Homosassa Debt Negotiation vs Credit Counseling
Debt settlement is often confused with consumer credit counseling, debt management plans, or consolidating debt. They’re totally different. All of these are methods of eliminating debt. Settlement differentiates itself by leading to an actual reduction in the balance due. These forms of debt relief – debt consolidation, management, and counseling – have much less of an impact on your FICO rating ultimately. However, they are long term remedies in which you pay off every penny you owe. For details, go there: debt consolidation in Homosassa, FL.
Given that it’s the most radical debt relief option available, debt settlement is generally the most expensive. Normally, settlement agencies will charge you approximately 14-18% of the amount you owe – this is a whole lot! Though you won’t have to pay until they actually get your debt reduced.
- Florida Debt Settlement Company? Contact us!