If you’re hoping to avert bankruptcy, but you cannot pay the credit card companies on a monthly basis, we can help.
We can get you in touch with a debt settlement firm in Selma – today – who will:
- Negotiate with your creditors.
- Get you a written contract for debt reduction.
- Develop a plan to pay back your credit balances in 24 to 48 months.
Isn’t it time to get rid of debt?
We estimate that 3,882 of Selma’s 39,188 residents owe at least $10,000 to the credit card issuers. Let us match you with a debt settlement expert in Selma, AL.
For legal reasons, Selma debt settlement agencies are required to provide you with some details before signing on:
- Fee Structure: all fees must be carefully enumerated.
- Timeline: they have to say when they will contact your creditors, along with how much money must be saved.
- Liabilities: they have to explain the adverse consequences for your credit score
Always make sure that your Selma, AL debt settlement firm is an honest one by researching the following:
- How long have they been operational?
- How much debt have they settled?
- How much do they charge?
- What is their success rate?
- Are they registered to conduct business in the state of AL?
Do not forget: no Selma, AL debt negotiation agencies should charge advance fees!
Though debt settlement can bring about substantial decreases in your credit card debt, it’s only smart certain types of clients.
Pumped up about debt settlement? Wait. There are a few things you should know:
- Wrecks your credit ratings.
- Debt never fully paid back.
- Credit card issuers don’t always agree to negotiation.
- Debt builds while negotiations are going on.
- Calls from collection agencies will likely become more prevalent.
- Unpaid debt is taxable.
- Might be six months before settlement is approved
How can you tell if debt settlement is a good option?
- Are you contemplating going bankrupt?
- Are you carrying $10,000 or more in debt?
- Would you be willing to tolerate a bad credit score if it means you can get out of debt?
Of the 39,188 people who live in Selma, 3,882 have credit card balances of at least $10,000.
If you’ve got a debt-to-income (DTI) ratio of more than 50%, then debt settlement or consolidation is probably a good idea.
Suppose you make $1,279 per month, which is the average in Selma. If have to pay no more than $460 on credit cards, loans, and rent, this is an ideal amount of debt (36%). If you are forking over $473 to $537 (37-42%), you need to decrease how much you’re spending. If are shelling out $550 to $640 (43-50%), you’re heading towards serious debt troubles, and if are having to spend more than $652, you are heading towards bankruptcy and should meet with a debt professional as quick as possible.
Selma Debt Negotiation vs Credit Counseling
Settling your debt and managing it have just one thing in common: a consolidated monthly payment, but the parallels terminate there. All of these are types of debt relief. Debt settlement is unique in that it leads to an actual decrease in the amount owed. Some forms of debt relief – consolidation, management, counseling – are much better for your credit rating over the long haul, but these are long term alternatives that require paying back everything you owe.
Go here for additional information about debt consolidation in Selma.
No debt settlement firms in Selma should charge a fee at signup. Any good debt settlement service in Selma, AL, will only bill you once a balance is settled. Most debt relief options generally call for regular payments. Nearly all settlement firms charge you a percentage of the balance you want settled, often as much as 15 percent. Basically they’ve been prohibited legally from assessing a fee until an account has been settled.
- Alabama credit counseling firm? Email us!