At KY Debt Relief, we make it easy to figure out the debt and credit counseling programs currently available.
We work with credit counselors and debt management companies in Corbin to get you the help you’re looking for.
Suitable candidates for credit counseling have steady income, debts in excess of $5,000, and have contemplated bankruptcy.
Credit counselors have you pay back everything you owe to your lenders, as well as interest, which ends up being significantly better for your credit scores down the road.
We have calculated that 1,001 of Corbin’s 27,153 residents are presently overdue on their credit card payments.
Do You Need Debt Counseling in Corbin, KY?
How much you earn as opposed to how much you owe? This is the crux of everything. There are benchmarks that will let you know what kind of financial condition you’ve gotten yourself into. Let’s consider several stats based around a salary of $1,047 per month, Corbin’s average:
- $377 (36%): Great
- $377 to $450 (36-43%): Acceptable
- $450 to $524 (43-50%): Too High
- $524 or higher (50%): Critical
Credit Card Counseling Plans in Corbin (KY)
If you are in serious debt, your credit counseling expert might want you to participate in a debt management program. A DMP is a method of debt consolidation, because the money you owe every month is combined into a single payment, but no loans are needed. This is different from some other types of debt consolidation in Corbin, KY, which use home equity loans to pay down the credit card companies.
Basically, your credit counseling agent will deal with your creditors personally.
Defending Yourself Against Credit Counseling Shams in Corbin (KY)
So long as you find an established firm, credit counseling can help. In fact, the FTC now requires it for individuals filing bankruptcy. But beware of any credit counselors in Corbin that claim they’re able to:
- Halt all calls from collectors
- Get rid of negative items from your credit profile
- Settle collateralized debt
- Stop creditors from suing you
- Charge you ahead of time for their products and services
For more information, look at this FTC write-up on finding a credit counselor.
Credit counseling won’t eliminate the existing amount you owe. However, it does lead to cheaper monthly bills by way of more affordable interest and penalty charges.
To learn exactly how much you could save, you need to talk with a trained credit counselor in Corbin, KY – today!
Bankruptcy Counseling: Corbin, KY
More and more people in Corbin have been considering bankruptcy. We estimate that 135 of Corbin’s 27,153 consumers have resorted to bankruptcy. As required by the FTC, you must enroll in a pre-bankruptcy Corbin credit counseling course before filing bankruptcy. This program has to be within six months of when your filing date.
Sessions can be held in person, over the telephone, or online, provided that you obtain the right certification
Remember that you have to sign up for credit counseling post bankruptcy too.
Credit Counseling / Debt Management in Corbin, KY
- KY Credit Counseling Service? Contact us!