A debt settlement firm in Tallassee, AL, may be able to negotiate your debts down to 40-80% of their original value.
Let us connect you to a debt settlement consultant that helps Tallassee residents.
You can’t trust your debt settlement to some dishonest agency. Any honest debt negotiator will divulge some information before signing on:
- Fees: monthly fees should be thoroughly explained.
- Timeline: they have to tell you when they are going to reach out to the credit card issuers, and how much money must be saved.
- Dangers: they have to inform you of the detrimental effects of choosing not to pay your creditors
You should make sure your Tallassee, AL debt settlement specialist is an honest one. Find out how many years they’ve been in business, how many negotiations they’ve handled, what their rate of success is, what their fees are, and make sure they are qualified to do business in the state of Alabama.
Debt settlement solutions provide several big advantages:
- 20-60% Decrease in Debt
- Big Savings in Interest
- Quick 2-3 Year Timeline
- Variable Payment Scheme
- Alternative to Declaring Bankruptcy
However, considering the unfavorable impact it has on your credit scores, it is generally a last resort.
Let us put you in touch with a consultant who can talk to you about debt settlement in Tallassee, AL.
During debt settlement, you up and quit making payments to the credit card issuers. In lieu, you put aside money in a specific savings account until you have a sufficient amount to pay the amount negotiated by your Tallassee debt settlement agency. In the meantime, your FICO rating declines because you’re no longer paying your creditors. Naturally, declaring yourself bankrupt would ruin your credit ratings too. In keeping with somewhat new FTC policies, this savings account has to:
- Be at an FDIC-insured bank.
- Provide you with full access.
- Not charge you for withdrawing funds.
In Alabama, credit card issuers have 3 years to sue you for debt you owe.
Suitable Tallassee debt settlement candidates owe at least $10K of debt, are thinking about bankruptcy, and cannot afford the minimum payments on their credit card bills month after month.
There are 12,239 people in Tallassee, and 1,212 have credit card debts in excess of $10,000.
Apart from your total debt, you should calculate your ratio of debt to income. The best ratio is 36 percent. The average income in Tallassee, AL, is $9,952 per annum, or $829 every month, meaning a typical resident of Tallassee should spend no more than $307 in credit card, mortgage/rent, and car/college loan installments, but many people are spending $415 or more each and every month. Not surprisingly, these borrowers should explore debt relief solutions in some form or another.
Tallassee Debt Settlement vs Management
Attempting to decide between credit settlement and consolidation? Debt settlement leads to a reduction in what you owe, and consolidation or management doesn’t. You continue to pay back your creditors each month under a debt management plan. That means your credit score is not affected nearly as drastically as it can be during a debt settlement. However, consumer credit counseling generally takes longer and at the end you will pay back 100% of what you owe.
Check here for more information about credit counseling in Tallassee, AL.
Rates for Debt Settlement
Given that it’s the most extreme debt relief solution for residents of Tallassee, debt settlement is generally not cheap.
Many settlement firms charge a percentage of the amount you want settled, often about 15 percent. This service charge will often be paid over 1-2 years.
Debt Settlement Firms: Tallassee, AL
- Alabama credit counseling firm? Email us!