Settling your credit balances should only be entrusted to a qualified Monroe debt settlement service. At NC Debt Relief, our aim is to find you a debt settlement agency in Monroe, NC – this minute – who will:
- Make a deal with your creditors.
- Acquire a written settlement for debt forgiveness.
- Set up a plan to pay off your credit balances in 24 to 48 months.
Of the 59,229 residents of Monroe, approximately 5,867 have credit card debt of greater than $10K. You’re not alone. Get debt relief today.
Choosing a Debt Settlement Service in Monroe (NC)
You shouldn’t trust your debt settlement to some shady firm. Any reputable debt settlement company in Monroe, NC, will provide you with a good bit of information before you enroll. They spell out their costs, their timeline, and the hazards you are up against.
Make sure to determine if your Monroe, NC debt settlement company is an honest one by verifying how long they have been settling debt, how many negotiations they’ve handled, what their rate of success has been, how much they charge, and whether they’re qualified to conduct business in the state of North Carolina.
Remember: no Monroe debt settlement companies can charge advance fees!
Monroe Debt Settlement Considerations
Debt settlement programs have a few well-known advantages:
- Substantial Debt Reduction
- Huge Savings in Interest
- Short 2-3 Year Schedule
- Flexible Payment Scheme
- Alternative to Bankruptcy
However, it is an intense succession of negotiations that has several disadvantages and sacrifices.
Before you proceed with debt settlement, there are some things you have to know:
- Bad for your credit ratings.
- Debt never completely paid back.
- Debt builds while negotiations are taking place.
- Collection calls may get worse.
- Forgiven debt may be taxed.
- Takes six months before settlement occurs
Minimum Standards for Debt Reduction in Monroe, NC
If you have $10,000 in credit card or unsecured loan debt, aren’t able to pay your bills, and would rather get out of debt than have favorable credit, credit card debt settlement might be a good solution.
There are 59,229 folks who live in Monroe, and it’s believed that 5,867 have credit card debts of more than $10,000.
If you’ve got a debt-to-income (DTI) of more than 50%, then quality debt relief is something you should think about.
In simple terms, if you are devoting over 50% of what you make to credit cards, home loan, and/or vehicle loans, you need to speak to a debt relief professional. Considering that the average income in Monroe is $2,515 a month, we’re talking about $1,258. You really need to shoot for a ratio of around 36 percent ($905 in Monroe).
Managing vs Settling Your Debt in Monroe, NC
Debt negotiation and consolidation have one thing in common: a consolidated monthly payment, but the similarities stop there.
Whereas debt settlement leads to reduced debt, management isn’t going to.
Some forms of debt relief – debt consolidation, management, and counseling – don’t do nearly the damage to your FICO rating in the long run, but they are protracted solutions that require you to pay back all of your debt.
Click here to read more about debt consolidation in Monroe.
No debt relief firms in Monroe are permitted to charge a fee upfront. Any qualified debt settlement company in Monroe, NC, will only charge you when an account is repaid. Other debt relief options usually entail flat monthly fees.
The majority of settlement firms charge you a percentage of the debt you want reduced, often up to 15%. Generally speaking, they’ve been prohibited legally from assessing a fee until a balance has been settled.
- Consumer Credit Counseling United Family Services, 105 E Franklin St, 28112