Can’t pay off your credit card debt? Debt settlement can help you lower your debt drastically.
At Kentucky Debt Relief, we can help you find a debt settlement agency in Mount Vernon, KY according to how much debt you have and the city where you live (Mount Vernon), along with several additional factors. On top of that: there are absolutely no commitments, and zero fees.
For legal reasons, Mount Vernon debt settlement companies have to provide you with some details before you sign up. They establish their rates, their savings requirements, and the hazards of this approach to debt relief.
You should make sure your Mount Vernon, KY debt settlement consultant is trustworthy by finding out how many years they’ve been negotiating debt, how much debt they’ve negotiated, what their rate of success has been, how much they cost, and ensure they’re qualified settle debts in Kentucky.
No Mount Vernon, KY debt settlement firm is allowed to charge upfront fees!
Debt settlement is the only option that cuts back on the principal. But it’s only the right choice for some clients.
In debt settlement, you up and stop making payments to the credit card providers. Instead, you put money into a checking account until you have a sufficient amount to pay the amount negotiated by your Mount Vernon debt settlement company. Regrettably, your credit score declines because you are no longer paying your creditors. In addition, the collections calls might not end. According to fairly new FTC guidelines, this savings account should:
- Be FDIC-insured.
- Give you full withdrawals.
- Not charge you for extracting money.
Debt Settlement Prerequisites: Mount Vernon, KY
If you are carrying $10,000 in credit card or unsecured loan debt, aren’t able to repay what you owe, and would rather be debt free than have a favorable credit record, debt settlement might be the right solution.
There are 9,391 people who live in Mount Vernon, and 930 owe credit card debts of more than $10,000.
What’s Your Monthly Debt Load?
If you’ve got a debt-to-income (DTI) ratio of more than 50%, then debt settlement or consolidation is something you should think about. The optimal ratio is 36 percent. In Mount Vernon, consumers make $23,125 per year, or $1,927 each month. This means the average Mount Vernon resident should fork out less than $694 in credit card, mortgage/rent, and loan payments. Unfortunately, many people in Mount Vernon have to pay over $964 month after month. These people could benefit from debt relief of some type or another.
Mount Vernon Debt Settlement vs Consolidation
Settling your debts and consolidating them are two distinct solutions.
While debt settlement results in reduced debt, consolidation and management do not.
You pay your creditors month after month as part of credit counseling, meaning your credit score is not damaged nearly as dramatically as it will be during debt negotiations, during which you stop paying back your debt. On the other hand, debt management generally takes longer and eventually you’re going to pay back your creditors in full. Visit here for more information about debt consolidation in Mount Vernon.
Fee Structure for Debt Settlement
While debt management programs have flat fees each month of $25-40, debt settlement expenses are usually charged after each balance is settled. Nearly all settlement companies will charge you about 20% of the debt owed – this is significant! Though you should not be required to pay until after they actually get your debt reduced.
Debt Settlement Services in Mount Vernon (KY)
- KY Credit Counseling Service? Contact us!