It might be possible to settle your debts for thousands less than you thought possible, and prevent bankruptcy on top of that. At North Carolina Debt Relief, we can help you find a debt settlement firm in Lexington, NC who will work to minimize your credit card debt. On top of that: there are absolutely no obligations, and it’s totally free.
Discuss your Lexington debt settlement solutions with a seasoned consultant – right now!
Locating a Debt Settlement Firm in Lexington, NC
By law, Lexington debt settlement companies must divulge the following information before you sign up, including how much their service will cost you, how much time before they make contact with your lenders, and how much impact debt settlement will have on your credit rating. Be sure you find out whether your Lexington debt settlement company is an honest one. Find out the following:
- Accreditation: Premier accreditations include TASC and IAPDA.
- Costs: Be certain that the rates they demand are competitive.
- User Reviews: Search online for favorable reviews from previous customers.
Debt Settlement Disadvantages in Lexington (NC)
Often called debt negotations in Lexington, debt settlement provides several highly-touted benefits:
- Significant Reduction in Debt
- Huge Savings in Interest
- Brief 24-36 Month Timeline
- Variable Payment Plan
- Alternative to Bankruptcy
However, because of the unfavorable influence on your credit scores, it is viewed as an approach of a last resort.
Of the 73,046 residents of Lexington, approximately 7,236 need to eliminate over $10,000 of debt. Debt settlement could possibly reduce your debt to $4000-$8000.
Settling your debts like this does have a number of downsides. First off, debt negotiation will be worse for your credit score over the long haul than other options such as debt consolidation in Lexington, since what you owe will not be completely repaid. Since debt consolidation requires paying back what you owe month after month, debt collection calls typically become less frequent. As any Lexington debt settlement consultant will affirm, that’s not the case during a debt negotiation.
Minimum Debt Reduction Requirements in Lexington, NC
If you have $10,000 in debt, can’t make your payments, and would rather eliminate your debt than have a favorable credit record, credit card debt settlement may be workable alternative to bankruptcy.
If you meet these criteria, don’t be discouraged. It’s estimated that 7,236 Lexington residents have this much debt.
What’s Your DTI?
If you have a debt-to-income (DTI) of 50% or more, then debt settlement or consolidation is worth exploring.
In short, if you are allocating over fifty percent of what earn to credit cards, rent/mortgage, and car loans, you’ll want to speak to a debt settlement professional in Lexington, NC. Seeing as the average income in Lexington is $1,562 per month, this is $781. You really want to aim for a ratio of roughly 36%. In Lexington, this is $562, normally.
Both debt settlement and management benefit from a single payment per month, but the commonalities terminate there.
Whereas debt settlement results in reduced debt, management does not. These methods of relieving debt – including debt consolidation, management, counseling – have much less of an effect on your credit ratings over time. However, they are protracted solutions that require you to repay all of your debt.
For more details, click here: credit counseling in Lexington, NC.
Given that it’s the most dramatic debt relief solution at your disposal, debt settlement is generally not cheap.
The majority of settlement firms charge a percentage of the amount you want settled, often up to 15 percent. Though you won’t have to pay unless they go ahead and reduce your debt.
Debt Settlement Companies: Lexington, NC
- Consumer Credit Counseling Service, 1303 Greensboro Street Ext, 27295