If you would like to pay off your debt without going bankrupt, we can help. Our mission is to find you a debt settlement agency that can negotiate with your creditors to decrease your credit card debt. There are zero obligations, and it’s free of charge.
Debt settlement, is it the right choice? Learn more today!
Please don’t entrust your debt settlement to some underhanded company. Virtually any reputable debt settlement company in Greensburg, KY, will divulge certain details prior to joining. They explain their prices, when they plan to get started, and the risks of this type of debt relief. Make sure you find out whether or not your Greensburg debt settlement company is legitimate by finding out the following:
- Certification: Popular certifications include TASC (The Association of Settlement Companies) and IAPDA (International Association of Professional Debt Arbitrators).
- Fees: Always make sure the fees you pay are acceptable.
- Consumer Ratings: Search online for positive evaluations from past consumers.
Downsides of Debt Settlement: Greensburg, KY
Though debt settlement may lead to serious debt elimination, it’s a contentious process that comes with several disadvantages and sacrifices.
Of the 9,323 residents of Greensburg, roughly 924 have unsecured balances in excess of $10K. Determine how much Greensburg debt settlement could save you.
Debt settlement does have its disadvantages:
- It’s bad for your FICO ratings.
- Debt never totally cleared.
- Debt builds while debt reduction is being discussed.
- Collections calls may keep coming in.
- Tax disadvantages.
Ideal Debt Settlement Prospects: Greensburg (KY)
For you to be a candidate for a credit card settlement program in Greensburg, KY, you generally need:
- $10,000 in Unsecured Debt
- $300 a Month to Spend
There are 9,323 residents of Greensburg, and it’s estimated that 924 have credit card balances in excess of $10,000.
Calculating Your Debt-to-Income Ratio
Together with your total debt, you need to determine your debt to income ratio on a monthly basis. The best ratio is 36%. The average income in Greensburg, KY, is $24,205 annually, or $2,017 each month, meaning the average Greensburg resident should spend no more than $746 in credit card, mortgage, and auto/college loan payments. Unfortunately, many individuals have to pay $1,029 or more each month. Without a doubt, these borrowers are in need of debt relief in some form or another.
Settling your debt and simply consolidating it are two separate solutions. Nearly all debt management programs offer up less expensive interest levels on your credit cards, but no lowering of existing debt is involved. When it comes to debt management, consolidation, and counseling, your monthly payment is consolidated. However, keep paying down the card companies until your debts are fully paid. There’s no question that this approach to debt relief is better for your credit scores. Then again, the only debt savings are derived from lowered rates of interest and fees.
For details, go here: debt consolidation in Greensburg.
Whereas debt management plans have flat fees each month of $25 to 40, debt settlement costs are generally assessed after each creditor is paid off. Most settlement firms charge a percentage of the balance you want settled, often about 15%. This fee is usually paid over a period of 12-24 months.
You might come across law firms that provide debt negotiation for their clients. Some law firms will charge you some kind of retainer, typically 5% of your debt, combined with a monthly fee. The issue is that they will also take a substantial share of the forgiven debt, ordinarily 30%. As you can imagine, this is less affordable than the percentage charged by a debt settlement service.
- KY Credit Counseling Service? Contact us!