Debt settlement is arguably the most drastic debt relief strategy at a consumer’s disposal.
At KY Debt Relief, we can match you with a debt settlement company – this minute – that works with residents of Florence. There are no commitments, and it’s totally free.
Choosing a Debt Settlement Service: Florence (KY)
For legal reasons, Florence debt settlement agents must divulge certain specifics before getting started, such as how much their assistance will cost you, how long their system takes, and how much impact debt settlement will have on your FICO rating.
Make sure your Florence, KY debt settlement consultant is an honest one. Find out the following:
- Credentials: Significant qualifications include TASC and IAPDA.
- Payment Structure: Be certain the rates you pay are affordable.
- Client Ratings: Search online for favorable responses from recent customers.
Though debt settlement may lead to serious reduction in your credit card debt, you should get in touch with a certified debt consultant before going down this road. Debt settlement – is it the right solution for you? Learn more right now!
The solutions supplied by debt settlement firms in Florence, KY, aren’t without their downsides. To start, your credit card companies might not want to negotiate. In addition, settling your debts is bad for your FICO score, as your credit card debt will never be completely paid off. Additionally, your collection calls might not grow less frequent substantially, as they do with some other debt relief solutions. You might have to wait 180 days for anything to happen, and during that time your debts will increase. Debt you no longer owe can be taxed.
Could I Be Sued?
Keep in mind, banking institutions do have the right to file a suit against you to pursue a debt. There is a heightened likelihood of litigation when it comes to debt settlement in Florence, KY. Why? Because you stop repaying them on a monthly basis.
KY Statute of Limitations as Regards Credit Card Debt
As a resident of Florence, this is what you have to know as regards the statute of limitations on debt:
- Statute of Limitations: 5 or 15 years
- State Statute: 413.120 and 413.101
Preferred Debt Settlement Candidates in Florence, KY
Most prospects for debt settlement are carrying at least $10K in debt, are facing bankruptcy, and can’t afford the minimums on their credit or store cards each and every month.
There are 41,466 residents of Florence, and we estimate that 4,108 have credit card debts of at least $10,000.
Calculating Your Debt-to-Income Ratio
Apart from your total debt, you’ll want to figure out your ratio of debt to income.
Put simply, if you are allocating over 50% of your wages in credit cards, rent/mortgage, and loans, you should consult a debt relief consultant. Given that the average income in Florence is $1,977 each month, this is just $989. You want to aim for a ratio that’s closer to 36% ($712 in Florence).
A lot of people mistake debt settlement and consolidation, management, and counseling. They’re wholly distinct solutions. All of these are methods of relieving debt. Settlement distinguishes itself by ultimately causing a genuine decrease in the amount owed. When it comes to debt management, consolidation, or counseling, your payment amount is consolidated. However, continue paying off the credit card issuers until your debts are paid off. It is obvious that this is better for your credit scores. On the other hand, reduced interest rates and fees are the only form of savings you’ll enjoy.
For additional information, go here: credit counseling in Florence.
Being the most radical debt relief option at your disposal, debt settlement is generally the most expensive. As a rule, settlement agencies charge a percentage of the amount you want reduced, often as much as 15%. Though you should not be required to pay until they go ahead and get your debt reduced.
- Credit Counseling Centers, 7430 US-42, 41042
- CCCS of Greater Cincinnati – A Division of Apprisen Financial Advocates, 11 Shelby St, 41042
- Advantage Debt Management, 73 Cavalier Blvd, 41042