A debt settlement firm in Salisbury, NC, may be able to help you significantly reduce your debts. At NC Debt Relief, we can put you in touch with a debt settlement consultant in Salisbury who will:
- Bargain with your creditors.
- Acquire a written contract for debt reduction.
- Establish a strategy to pay off your debt in 24-48 months.
Of the 73,333 residents of Salisbury, we estimate that 7,264 are in need of debt relief. It’s not just you. Get relief from debt today.
You shouldn’t entrust your debt settlement to some shady firm. Virtually any reputable debt settlement company in Salisbury, NC, will provide you with some information before you get started. They make clear their fees, their timeline, and the hazards associated with this method of debt relief.
Be certain that your Salisbury, NC debt settlement firm is legitimate by finding out the following:
- How long have they been in business?
- How much debt have they settled?
- How much do they charge?
- What is their score with the BBB?
- How effective have they been?
- Are they certified to negotiate debts in North Carolina?
If any Salisbury debt settlement companies want to charge you upfront fees, avoid them. This is not okay!
Debt Settlement Disadvantages in Salisbury (NC)
Also referred to as debt negotiation, debt settlement is the only debt relief method that actually results in a reduction in the total amount owed. But it calls for serious consideration.
To get a better settlement, your debt settlement agency will probably recommend that you quit paying back your credit card companies. Your money will be deposited into a savings account. After you have sufficient funds to pay the negotiated settlement, your debt will be paid off. Unfortunately, your credit rating declines because you aren’t paying your creditors. As expected, declaring yourself bankrupt would crush your credit score as well. According to relatively recent FTC regulations, this savings, or “special purpose” account must:
- Be FDIC-insured.
- Give you unfettered access.
- Not charge you for withdrawing money.
In North Carolina, credit card providers have 3 years to go to court for debt.
If you are carrying $10,000 in credit card or unsecured loan debt, can no longer repay what you owe, and would rather get out of debt than have a good credit rating, credit card settlement might be a good option.
There are 73,333 folks who live in Salisbury, and it’s believed that 7,264 have credit card balances in excess of $10,000.
If your debt-to-income ratio is more than 50%, then debt settlement or consolidation is worth exploring.
In a nut-shell, if you are investing more than half of your wages in credit cards, rent, and car loans, you must get in touch with a debt relief expert. Seeing as the average income in Salisbury is $2,391 each month, this is just $1,196. You should really aim for a ratio that’s closer to 36% ($861 in Salisbury).
Consolidating vs Settling Your Debt: Salisbury (NC)
Credit card settlement and consolidation each have their advantages. Most debt management plans result in less expensive interest levels on your credit cards and/or payday loans, but no forgiveness of overall debt.
With debt management, consolidation, or counseling, your payment per month is consolidated, but you keep paying off the credit card companies until your debts are paid off. This is easier on your FICO ratings, but the only debt savings come from more affordable rates of interest and fees.
Click here to read more about debt consolidation in Salisbury.
How Debt Reduction Providers Are Paid
No debt relief firms in Salisbury can bill you upfront. Any licensed debt settlement agency in Salisbury, NC, will only charge you once an account is repaid. Most debt relief options normally call for flat payments.
Normally, settlement agencies charge you a percentage of the balance you want settled, often about 15%. This service charge will normally be assessed over 1-2 years.
- Rowan Credit Services, 1910 Jake Alexander Blvd W, 28147
- Consumer Credit Counseling, , 27013