Can’t pay off your credit cards? Debt settlement may be able to help you lower your debts by a huge amount.
At KY Debt Relief, we can get you in touch with a debt settlement consultant in Brandenburg, KY who works with people in Brandenburg. On top of that: there are absolutely no commitments, and it’s free.
Choosing a Debt Settlement Service in Brandenburg, KY
According to the FTC, Brandenburg debt settlement services have to divulge the following details before you get started, such as how much the fees will be for their services, how much time before they get hold of your credit card companies, and how much risk you will face.
Be sure you determine whether or not your Brandenburg debt settlement firm is reputable. See how many years they’ve been negotiating debt, how much debt they’ve managed, what their success rate is, what their fees are, and you should make sure they are qualified negotiate credit card and payday loan debts in Kentucky.
Commonly known as debt negotiation in Brandenburg, debt settlement is the only debt relief program that decreases the principal. But it means putting funds into a bank account monthly as opposed to paying back your credit card balances. When you have enough money saved, you pay them the negotiated amount. Of course, this will be detrimental to your credit score. Do you want to talk about the options with a debt settlement professional in Brandenburg, KY?
Before you proceed with debt settlement, there’s something you need to understand:
- Bad for your credit ratings.
- Debt not completely paid back.
- Debt keeps mounting while settlement is being arranged.
- Debt collector calls may increase.
- Debt that you don’t pay is usually taxed.
- Might be 180 days before settlement is agreed upon
If you are carrying $10,000 of debt, can no longer pay your bills, and would rather eliminate your debt than have favorable credit, credit card debt settlement might be viable alternative to bankruptcy.
If you fall into this category, don’t be discouraged – 959 of Brandenburg’s 9,684 residents carry at least this much debt.
If you’ve got a debt-to-income (DTI) ratio of 50% or more, then licensed debt relief is something you should think about.
In a nutshell, if you’re dedicating over fifty percent of your earnings to credit cards, rent, and/or car or college loans, you should get in touch with a debt relief professional. Considering that the average income in Brandenburg is $3,337 every month, this is $1,669. You really want to aim for a ratio that’s nearer to 36 percent, or $1,201 for the average Brandenburg resident.
Brandenburg Debt Settlement vs Credit Counseling
Attempting to decide between credit card settlement and consolidation?
Whereas debt settlement leads to a reduction of what’s owed, consolidation and management do not.
You continue to pay off your creditors on a monthly basis during credit counseling; thus your credit score isn’t impacted nearly as much as it will be during debt negotiations. Since of course, with credit card settlement you quit repaying your debt. However, debt management generally takes longer and eventually you’re going to pay off your creditors in full. Visit here for additional information about debt consolidation in Brandenburg.
Being the most drastic debt relief solution at your disposal, debt settlement is generally not cheap. Normally, settlement firms will charge you around 15 percent of the amount you owe – this is a big chunk of change! This service charge will normally be assessed over a period of 1-2 years.
Debt Settlement Businesses in Brandenburg, KY
- KY Credit Counseling Service? Contact us!