A debt settlement firm in Shepherdsville, KY, might be able to help you significantly reduce your debts.
At KY Debt Relief, we can connect you with a debt settlement firm in Shepherdsville, KY who can:
- Bargain with your creditors.
- Receive an official agreement for debt forgiveness.
- Develop a program to pay back what you owe in 2-4 years.
Debt settlement – is it right for you? Learn more today!
For legal reasons, Shepherdsville debt settlement agents are required to give you some information before you get started. They break down their fees, their timeline, and the hazards you will be facing. Be sure to determine whether your Shepherdsville, KY debt settlement company is reputable. Check how many years they have been in business, how many negotiations they’ve managed, what their success rate has been, how much they cost, and whether they’re registered negotiate debt in the state of Kentucky.
Should any Shepherdsville debt settlement agencies try to charge advance fees, avoid them.
Although debt settlement may result in substantial decreases in your credit card debt, you should check with a professional debt counselor before choosing this option.
The services offered by debt settlement firms in Shepherdsville, KY, aren’t without their disadvantages:
- Bad for your credit scores.
- Debt never fully paid back.
- Credit card issuers may deny negotiation.
- Debt keeps mounting during negotiations.
- Collections calls might not get better.
- Tax disadvantages.
Who Ought to Look into Debt Negotiation in Shepherdsville (KY)
How can you tell if debt settlement is right for you?
- Are you entertaining the idea of declaring bankruptcy?
- Do you owe at least $10,000 in debt?
- Would you be willing to put up with unfavorable credit?
If you meet these criteria, don’t panic. We estimate that 2,657 of Shepherdsville’s 26,827 residents carry at least $10,000 of credit card debt.
In addition to your total debt, you’ll want to look at your debt in relation to your income on a monthly basis.
Simply speaking, if you are dedicating over half of your earnings to credit cards, rent, and loans, you must speak with a debt relief coach. Seeing as the average income in Shepherdsville is $3,741 each month, this is $1,871. You really should try and have a ratio that’s closer to 36 percent, or $1,347 for the average Shepherdsville borrower.
Managing vs Settling Your Debt in Shepherdsville, KY
Settling debts and managing them have one thing in common: a consolidated monthly payment. But the similarities end there. These are all types of debt relief. Debt settlement is unique in that it results in a genuine reduction in the amount owed. You continue to pay your credit card companies monthly during a debt management plan, so your credit rating is not affected nearly as much as it is during debt negotiations. Since of course, with credit card settlement you quit paying back your debt. Having said that, consumer credit counseling generally takes longer and in the end you will pay back 100% of what you owe.
Click here for more information about credit counseling in Shepherdsville.
Fee Structures for Debt Settlement
Whereas debt management plans have regular monthly fees of $25 to 40, debt settlement costs are generally charged after each account is paid back.
The majority of settlement companies will charge you approximately 20% of your debt – this is a whole lot! This fee is usually assessed over a period of 12-24 months.
Debt settlement attorneys are generally pricier than dealing with a debt settlement company. While a lot of debt settlement services do not ask for a bill every month, most law firms do. Moreover, they get paid a share of debt reduction amount, generally one-third. Obviously, in the end this is less affordable than the percentage charged by a debt settlement firm.
Debt Settlement Businesses: Shepherdsville (KY)
- KY Credit Counseling Service? Contact us!