More and more Florence residents are enlisting the assistance of credit counseling firms in Florence to help them get out of debt. At Debt Relief Alabama, we help our clientele find the best remedies for adverse credit, overwhelming debt, and unaffordable annual percentage rates.
A trained credit counselor in Florence can teach you smart ways to manage your money, solve your current financial challenges, and achieve freedom from debt.
We have to assume that 2,205 of Florence’s 59,799 consumers can’t afford their credit card payments on a monthly basis.
On average, Florence residents make $1,789 monthly. If possible, a consumer who earns this much should have debts of around $644 each and every month. This is slightly more than a third of their pre-tax earnings.
If your monthly debts cost you more than 43% of your income, you need help. If you get paid $1,789, Florence’s average, we’re only talking about $769. Unfortunately, many Florence residents we see spend more than half of their income ($895) on such expenses.
What if you’re forking out $895 on a monthly basis, but you only earn $1,789? In that case, your credit counseling expert could very well want you to enroll in a debt management plan or DMP. Why sign up for a debt management program? To begin with, you may profit from:
- Discounted Interest Rates
- Decreased Debt Collection Telephone Calls
- One Payment On a Monthly Basis
- Swifter Freedom From Debt
You will no longer have to talk to your creditors; your credit counselor will take care of this.
Remember, credit counseling programs can help you pay off your debts in less time and at a more affordable rate, but you will still be repaying your total debt. Yes, a debt settlement would help reduce your total debts, it just might spoil your credit rating.
Defending Yourself Against Credit Counseling Ripoffs in Florence (AL)
Assuming that you are dealing with a good company, credit counseling can certainly help. Indeed, the Federal Trade Commission now demands it for individuals who want to file bankruptcy, but keep away from any credit counseling services that say that they are able to:
- End all calls from collectors
- Delete unfavorable stuff from your credit file
- Impose a fee in advance for their expertise
Just remember, being a nonprofit does not necessarily mean that a credit counseling firm is bonafide, and for profit does not mean they are disreputable.
Everything you owe will have to be paid in full. However, you might not have to pay as much per month as you had been paying, as long as your creditors accept the terms of your DMP.
A brief assessment of your finances is required to supply an exact savings estimate.
Though not free, managing debt is a cost-effective solution for a lot of Florence residents. Enrollment typically costs less than $75, and a bill every month of no more than $40. With a debt management program, the money you devote each month to paying back your debt will likely be equal to the minimum payment on your credit cards (usually 2.5%).
Credit Counseling and Debt Management Agencies: Florence, AL
- Bond Botes Sykstus & Larsen PC, 102 S Court St, 35630