For people in Winter Garden, FL, debt settlement is becoming an ever more popular solution.
At FL Debt Consolidation, our aim is to find you a debt settlement expert in Winter Garden who will:
- Make a deal with your creditors.
- Get you an official settlement for debt reduction.
- Set up a program to pay off your creditors in 2-4 years.
Isn’t it time to get rid of credit card debt?
Selecting a Debt Settlement Agency in Winter Garden, FL
Don’t entrust your debt settlement to some shady service. Virtually any good debt settlement company in Winter Garden, FL, will give you some details prior to signing on, including how much their system will cost, how long their system will take, and what types of risk there are. Be certain that your Winter Garden, FL debt settlement consultant is an honest one. Check how many years they’ve been settling debt, how much debt they’ve negotiated, what their success rate is, what their prices are, and ensure they are registered to conduct business in the state of Florida.
There are telltale warning signs of companies that are unethical. For instance, if any debt settlement company in Winter Garden tries to charge you fees upfront, avoid them – this is not legal!
Debt settlement programs offer up some well-known advantages:
- Only Pay 40-80% of Original Amount Owed
- Substantial Interest Savings
- Quick 24-36 Month Schedule
- Convenient Settlement System
- Substitute for Declaring Bankruptcy
However, it has more downsides than other options.
The solutions provided by debt settlement firms in Winter Garden, FL, do have their downsides:
- It’s bad for your credit ratings.
- Debt not 100% cleared.
- Debt keeps building while settlement is being negotiated.
- Calls from debt collectors will likely increase.
- Disadvantages at tax season.
- Takes 180 days before negotiations are completed
Card issuers have only so much time to take legal action for credit debt. In Florida, this is 5 years.
Who Ought to Try Debt Settlement in Winter Garden, FL
If you have $10,000 of debt, aren’t able to repay what you owe, and would rather be debt free than have good credit, debt settlement may be a good option.
There are 22,779 people in Winter Garden, and it’s estimated that 2,256 have credit card debt of at least $10,000.
Calculating Your Monthly Debt Load
Banks and debt specialists will want to look at your debt to income ratio (DTI).
Let’s say you make $1,155 each month, the Winter Garden average. If have to pay no more than $416 for credit cards, rent/mortgage, and loans, you have an optimal level of debt of 36%). If you are forking over $427 to $485, which is 37-42%, you may want to decrease how much you’re spending. If are spending $497 to $578 (43-50%), you’re on the brink of severe debt problems. If are forking over more than $589, you’re in severe debt and really should talk with a debt expert as quick as possible.
Winter Garden Debt Settlement vs Credit Counseling
Do you need to decide between consolidating and settling your debts?
Whereas debt settlement leads to a reduction in debt, management does not. With debt management, consolidation, or counseling, your payment amount is consolidated, but you keep repaying the credit card issuers until your debt is fully paid. It is obvious that this strategy is is more favorable for your credit scores. However, the only debt savings are derived from more affordable interest rates and late fees.
Check here for more information about debt consolidation in Winter Garden.
Debt Settlement Fees in Winter Garden (FL)
Being the most drastic debt relief option at your disposal, debt settlement is generally not cheap.
Nearly all settlement agencies will charge you approximately 15 percent of what you owe – this is a big chunk of change! As a rule, they have been prohibited by the FTC from assessing a fee until an account has been settled.
Debt Settlement Specialists: Winter Garden, FL
- Russell, Louraine – Lexy’s Credit Repair Service, 14627 Whittridge Dr, 34787