A highly trained Alexandria debt negotiator should be able to reduce your debt for less than you thought possible. At KY Debt Relief, we can get you in contact with a debt settlement firm in Alexandria, KY – right now – taking into account what you owe and your location, along with a number of additional factors. Best of all: there are no commitments, and no fees.
Locating a Debt Settlement Service: Alexandria, KY
Please don’t trust your debt settlement to some unethical firm. Any good debt negotiator will give you some specifics before getting started, such as how much the fees are for their assistance, how long their system normally takes, and how much impact debt settlement will have on your FICO rating. You’ll want to find out whether your Alexandria debt settlement service is trustworthy. Verify the following:
- Certification: Top associations include TASC and IAPDA.
- Payment Structure: Make sure that the rates you pay are appropriate.
- Customer Reviews: Seek out positive responses from past clients.
Negatives to Debt Settlement: Alexandria (KY)
Though debt settlement can bring about dramatic decreases in your credit card debt, it involves placing your money into a savings account monthly instead of paying back your creditors. Then you give them the settlement sum. Of course, settling your debts in this fashion can hurt your credit rating.
Reducing your debts in this way has some disadvantages:
- It’s bad for your credit scores.
- Debt never fully cleared.
- Creditors may not accept settlement.
- Debt contines to build during negotiations.
- Calls from collectors will probably become more prevalent.
- Tax disadvantages.
You’ll want to know that creditors can file a lawsuit against a borrower to help them collect a debt. There is more chance of a lawsuit. Why? Simply because you stop paying them.
Unfortunately, local Alexandria debt settlement attorney can’t prevent this from happening.
KY Statute of Limitations as Regards Debt
In Kentucky, creditors have 5 or 15 years to sue you for unsecured debt.
Minimum Debt Reduction Criteria in Alexandria (KY)
How do you know if debt settlement is worth pursuing?
- Have you been thinking about going bankrupt?
- Do you have $10,000 or more in debt?
- Would you be willing to endure bad credit?
If you fall into this category, don’t panic – 1,639 Alexandria residents are trying to repay at least $10,000 of credit card debt.
Calculating Your Debt-to-Income Ratio
If your debt-to-income ratio is 50% or more, then quality debt relief is probably a good idea. The optimal ratio is 30-36%. The average income in Alexandria, KY, is $53,116 annually, or $4,426 each and every month, meaning a typical Alexandria resident ought to fork out about $1,593 in credit card, mortgage, and loan payments. Unfortunately, many Alexandria residents are obligated to pay more than $2,213 monthly. Not surprisingly, these people could use debt relief solutions of some type.
Are you trying to decide between credit card settlement and consolidation?
While debt settlement results in reduced debt, management isn’t going to. With debt management, consolidation, or counseling, your payment per month is consolidated. However, continue to pay off your creditors until your debt is paid in full. There is no doubt that this approach to debt relief is is more favorable for your FICO scores. On the other hand, reduced interest rates and fees are the only form of savings you’ll enjoy. Go here for more information about credit counseling in Alexandria.
Whereas debt management programs have flat monthly fees of $25 to 40, debt settlement costs are generally assessed after each creditor is paid off. Nearly all settlement companies charge a percentage of the balance you want reduced, often as much as 15 percent. Though you shouldn’t be required to pay unless they go ahead and settle your debt.
Debt Settlement Services in Alexandria (KY)
- KY Credit Counseling Service? Contact us!