Are you unable to pay off those pesky credit card balances? Debt settlement can help you trim down what you owe drastically.
Let us get you in contact with a debt settlement agency in Lake Havasu City, AZ who will:
- Negotiate with your credit card issuers.
- Receive a written settlement for debt elimination.
- Develop a strategy to pay off your debt in 24-48 months.
Locating a Debt Settlement Firm: Lake Havasu City (AZ)
You can’t trust your debt settlement to some dishonest agency. Any reputable debt settlement company in Lake Havasu City, AZ, will divulge a good bit of specifics prior to registering. They state their rates, when they plan to get started, and the risks of credit card debt negotiation.
Be sure to find out whether or not your Lake Havasu City, AZ debt settlement service is reputable. Check how many years they’ve been negotiating debt, how much debt they have managed, what their success rate is, what their prices are, and ensure they’re licensed settle debt in the state of Arizona.
Debt settlement services have some well-known advantages:
- Debt Reduced by 20-60%
- Significant Interest Savings
- Quick 2-3 Year Timeline
- Variable Repayment System
- Substitute for Declaring Bankruptcy
However, it means putting funds into a savings account every month rather than repaying your credit card bills. Then you pay them the settlement sum. As you can imagine, settling your debts in this fashion can hurt your credit scores.
This solution is not without its shortcomings. Firstly, debt settlement can adversely affect your credit score. Ultimately, your creditors won’t be paid in full. Furthermore, your collection calls may not decrease appreciably.
Don’t forget that banking institutions do have the right to take legal action so as to pursue an upaid debt. The chance of getting sued rises since you stop paying them on a monthly basis.
Debt settlement might be a good idea if you would answer in the affirmative to the following questions:
- Are you considering going bankrupt?
- Are you carrying at least $10,000 in debt?
- Are you okay with having a bad credit score?
There are 44,724 people in Lake Havasu City, and we estimate that 4,430 owe credit card debt of at least $10,000.
Finance companies and debt experts will want to know your debt to income ratio (DTI).
Let’s say you get paid $2,192.00 a month, the Lake Havasu City average. If you spend no more than $789 for credit cards, rent/mortgage, and loans, you’ve got an optimal debt load of 36%). If you are having to pay $811-$921, which is 37-42%, you need to lower your spending. If are spending $943 to $1,096 (43-50%), you’re about to experience severe debt problems. If are spending more than $1,118, you’re heading towards bankruptcy and ought to get hold of a debt expert as soon as possible.
Lake Havasu City Debt Settlement vs Consolidation
Settling your debt and just consolidating it are two different strategies. These are all types of debt relief. Settlement differentiates itself by ultimately causing a real decline in the amount owed. With debt management, consolidation, and counseling, your payment amount is combined and continue paying off the credit card issuers until your debt is paid in full. This is is more favorable for your FICO rating. However, reduced interest rates and fees are the only form of savings you’ll enjoy.
Visit here to learn more about debt consolidation in Lake Havasu City, AZ.
What Will Debt Settlement Cost?
Given that it’s the most drastic debt relief solution available, debt settlement is generally not cheap.
The majority of settlement agencies will charge you around 20% of the amount you owe – which is significant! Essentially they’re prohibited by the FTC from making you pay until an account has been repaid.
Lake Havasu City, AZ Debt Settlement Businesses
- Compunet Credit Services Inc, 94 Acoma Blvd S, #102, 86403