Signing up with a reputable Boaz, AL credit counseling firm could be the first step toward freedom from debt. At Debt Relief Alabama, we help our clients find the right remedies for low credit ratings, overwhelming debt, and unaffordable interest rates.
Whereas repairing your credit is a technique to raise your credit scores, credit counseling is centered on debt management.
We estimate that 834 of Boaz’s 22,609 residents are late on their credit card payments.
Debt to Income Ratio: Boaz, AL
How much you earn, how much you owe. The math is very simple. Have a look at a few numbers consistent with a salary of $29,519 a year. That’s the average in Boaz.
- $886 (36%): Ideal
- $910 to $1,033 (37-42%): OK
- $1,058 to $1,230 (43-50%): Cause for Concern
- $1,230 plus (50%): Critical
Debt Counseling Programs in Boaz, AL
If you have considerable debt, your credit counseling consultant will probably want you to sign up for a debt management program (DMP). Why sign up for a DMP? First off, you might be able to profit from:
- Reduced Credit Card Rates
- Fewer Collector Calls
- Single Payment Per Month
- Quicker Freedom From Debt
Each and every month, you will send a predetermined payment to your Boaz credit counseling agency, and they’ll split up the payments among each of your creditors.
Tips on Avoiding Credit Counseling Scams: Boaz (AL)
As a whole, credit counseling has been recognized by the FTC and other governmental regulators. But the truth is, beware of any credit counselors in Boaz that say they will:
- Stop all debt collector calls
- Eliminate adverse stuff from your credit profile
- Negotiate collateralized debt
- Prevent creditors from suing you
- Charge you upfront for their services
For additional information, read this FTC guide on selecting a credit counselor.
If you let us get you a free evaluation, you can be more certain that you will be talking to one of the more trustworthy debt management companies in Boaz, AL.
How Much Will Debt Management Help Save?
In order to establish how much credit counseling could help you save, you need to chat with a debt relief professional, but your creditors may agree to waive penalty fees and lessen rates of interest as part of a debt management plan. One of the debt experts we work with can look at your finances and get you a savings quote.
Enrollment in a DMP should not cost more than $100, and the monthly fees should be no more than $40. If you can afford to pay back 2.5% of the amount you owe month after month, you could get out of debt in around 3.5 years, assuming that your credit counseling firm can freeze your APR. With interest, it’ll require a good bit longer.
Credit Counseling and Debt Management in Boaz (AL)
- Consumer Credit Counseling Service, , 35954