A debt settlement firm in Holly Springs, NC, will be able to help you significantly reduce your debts. Let us help you find a debt settlement firm in Holly Springs, NC that can:
- Bargain with your creditors.
- Obtain a written agreement for debt elimination.
- Develop a strategy to repay your creditors in 2-4 years.
Of the 12,367 residents of Holly Springs, 1,225 have credit card debt in excess of $10K. Debt settlement could possibly reduce your debt by $2000 to $6000!.
For legal reasons, Holly Springs debt settlement firms must provide you with some details before you enroll, including how much the fees will be for their services, how long until they contact your lenders, and how much impact debt settlement will have on your credit rating.
Always make sure that your Holly Springs, NC debt settlement company is legit. Research the following:
- How many years have they been in operation?
- How many cases have they handled?
- How much are their fees?
- What is their rating with the BBB?
- How effective have they been?
- Are they licensed in the state of North Carolina?
Debt Settlement Disadvantages: Holly Springs (NC)
Though debt settlement may lead to dramatic debt forgiveness, it is only good specific types of customers.
Settling your debts like this does have a number of downsides:
- Hurts your credit rating.
- Debt never fully paid back.
- Credit card companies don’t always agree to negotiation.
- Debt keeps mounting during negotiations.
- Calls from debt collectors will probably worsen.
- Unpaid debt is taxable.
- Takes six months before settlement takes place
Debt settlement may be right for you if you would reply in the affirmative to the following questions:
- Have you been considering going bankrupt?
- Do you have $10,000 or more in debt?
- Can you tolerate subprime credit?
If you have $10,000 of credit card debt, you are not alone. It’s estimated that 1,225 Holly Springs residents are carrying this much debt.
Folks with debt to income ratios of 50% or more are prime prospects for debt relief, whether it’s settlement or consolidation. The ideal ratio is 36%. The average income in Holly Springs, NC, is $65,375 annually, or $5,448 on a monthly basis, meaning a typical Holly Springs resident ought to pay out no more than $2,016 in credit card, mortgage, and car/student loan repayments, but many Holly Springs residents are spending $2,778 or more on a monthly basis. These borrowers could use debt relief programs of some kind or another.
Debt settlement and consolidation each has its own good and bad points. Debt settlement leads to a reduction in the amount you owe, while consolidation or management doesn’t.
You continue to repay your loan providers month after month during a debt management plan. This means your credit score isn’t affected nearly as drastically as it will be during a debt settlement, during which you quit paying back what you owe. On the other hand, debt management generally takes longer and in the long run you’ll pay back every cent you owe. Click here for more information about credit counseling in Holly Springs, NC.
What Does Debt Settlement Cost?
Given that it’s the most extreme debt relief option available, debt settlement is generally the highest priced.
Generally, settlement companies charge you a percentage of the balance you want settled, often about 15%. This service charge is usually assessed over 1-2 years.
- NC Debt Settlement Company? Contact us!