If you want to prevent bankruptcy, but you can no longer make your debt payments, a debt settlement company in Selma, NC, could very well be the answer.
Our mission is to help you find a debt settlement expert who will:
- Make a deal with your credit card companies.
- Receive a written settlement for debt forgiveness.
- Create a program to pay off your debt in 24 to 48 months.
Best of all: there are no obligations, and no fees.
Selecting a Debt Settlement Firm: Selma, NC
You can’t trust your debt settlement to some dishonest firm. Any good debt negotiator will provide you with some specifics prior to signing up. They establish their costs, their starting dates, and the risks you will be up against.
Always make sure that your Selma, NC debt settlement consultant is an honest one. Verify the following:
- Certifications: Major qualifications include TASC and IAPDA.
- Fees: Ensure that the fees they charge are appropriate.
- User Feedback: Try to find positive testimonials from former consumers.
Selma (NC) Debt Settlement Considerations
Debt settlement is the only debt relief method that decreases your original credit card debt, versus just your fees or interest rate. But it involves putting your money into a checking account month after month as opposed to paying back your credit card balances. When enough has been saved you pay them the settlement amount. Not surprisingly, settling your debts in this fashion will hurt your credit scores.
Of the 16,381 residents of Selma, 1,623 have $10,000 or more in debt. It’s not just you. Get relief from debt today.
This solution does have its shortcomings. First off, your creditors don’t have to approve the settlement. Also, settling your debt will be bad for your credit ratings down the road, unlike other options, as your credit balances will not be paid in full. Considering that debt consolidation entails trying to repay your creditors month after month, debt collector calls can be expected to become less frequent. As any Selma debt settlement advisor can tell you, this is not the case when you negotiate a reduced amount. The first settlement probably won’t be agreed upon for six months, and during that time your debt will continue to increase.
If you have $10,000 of debt, are unable to repay what you owe, and would rather get out of debt than have favorable credit, credit card debt settlement might be the right solution.
If you are one of these individuals, you’re not alone. We estimate that 1,623 of Selma’s 16,381 residents are living under this much debt.
Folks who’ve got debt to income ratios of 50% or higher are ideal candidates for debt relief, whether it’s settlement or consolidation. The optimal ratio is 36%. The average income in Selma, NC, is $32,898 per year, or $2,742 each month. That means the average Selma resident should fork out less than $1,015 in credit card, mortgage, and car/college loan installments, but a lot of us have to pay $1,371 or more monthly. Not surprisingly, these individuals could use debt relief of some kind.
Selma Debt Negotiation vs Credit Counseling
Settling your debts and consolidating them are two different solutions. These are all methods of eliminating debt. Settlement stands alone by resulting in a proper decline in the amount owed.
Other forms of debt relief – like debt consolidation, management, counseling – cause nearly as many problems for your credit rating over the long haul, but these are extended methods in which you pay every penny you owe.
For more information, go here: credit counseling in Selma, NC.
Being the most dramatic debt relief solution available, debt settlement is generally the most expensive. The vast majority of settlement companies charge you a percentage of the debt you want reduced, often as much as 15 percent. Though you should not have to pay until after they actually settle your debt.
Debt settlement attorneys can sometimes be pricier than a debt settlement company. While nearly all debt settlement firms do not ask for a monthly fee, many attorneys do. The issue is that they get paid a share of the debt they settle. The share varies, but it’s usually around one-third. This is generally more expensive than a debt settlement agency.
Debt Settlement Businesses in Selma (NC)
- NC Debt Settlement Company? Contact us!