Do you need to reduce the amount of your debt by 20-60%? Enlisting the assistance of a trustworthy Litchfield Park debt settlement firm might be your first step toward being debt-free.
Our mission is to match you with a debt settlement firm who works with Litchfield Park residents.
Finding a Debt Settlement Agency: Litchfield Park, AZ
For legal reasons, Litchfield Park debt settlement agencies are required to divulge some details prior to joining, for example how much the fees are for their assistance, how long their service takes, and what kinds of risk you should expect. Be sure to find out whether your Litchfield Park, AZ debt settlement firm is legitimate by verifying how many years they have been in business, how many negotiations they’ve managed, what their success rate is, how much they cost, and whether they are qualified to negotiate date in the state of Arizona.
Just remember: no Litchfield Park, AZ debt negotiation services are permitted to charge upfront fees!
Drawbacks to Debt Settlement in Litchfield Park (AZ)
Debt settlement solutions offer up a few well-known advantages:
- Debt Reduced by 20-60%
- Substantial Interest Savings
- Quick 2-3 Year Schedule
- Convenient Repayment System
- Substitute for Bankruptcy
However, you should contact a qualified debt counselor before moving forward.
Before you move forward with debt settlement, there are certain things you need to understand. For starters, debt settlement can lead to a bad FICO score. After all, what you owe will never be completely paid off. Additionally, your collection calls may not be reduced substantially, as they will if you work with a credit counselor to manage your debt.
Legal Action and Debt Settlement
You ought to be aware that credit card companies can sue an individual to collect a debt. With debt settlement, the likelihood of your creditors filing suit is greater. How come? Mainly because you quit paying your creditors month after month. Contrary to popular belief, a debt settlement attorney in Litchfield Park, AZ, can’t keep a creditor from taking legal action.
Ideal Debt Settlement Candidates: Litchfield Park, AZ
Most Litchfield Park debt settlement prospects have at least $10,000 in debt, are considering declaring bankrupty, and cannot afford to make the minimum payments on their credit card bills each and every month.
If you meet these criteria, it’s not just you – 699 Litchfield Park residents are carrying at least $10,000 of credit card debt.
Litchfield Park Debt to Income Ratios
Loan companies and debt consultants will want to know your debt to income ratio. The optimal ratio is 36 percent. The average income in Litchfield Park, AZ, is $62,538 annually, or $5,212.00 a month, meaning the average Litchfield Park resident should spend less than $1,928 in credit card, mortgage, and loan installments, but many Litchfield Park residents are paying more than $2,606 monthly. These people could use debt relief programs, whether it be credit card settlement or consolidation.
Consolidating vs Settling Your Debt in Litchfield Park (AZ)
Settling your debt and simply consolidating it are two distinct approaches. Debt settlement programs lead to a decrease in the amount you owe, while consolidation or management doesn’t.
With debt management, consolidation, and counseling, your payment amount is consolidated, but you still pay back your creditors until your debt is paid in full. There is no doubt that this form of debt relief is is more favorable for your credit score. Having said that, the only debt savings are derived from decreased interest levels and fees.
Check here to read more about credit counseling in Litchfield Park.
Fee Structures for Debt Settlement
As the most extreme debt relief solution available, debt settlement is generally not cheap.
For the most part, settlement firms will charge you approximately 15 percent of what you owe – that’s a lot! This service charge will usually be spread out over 12-24 months.
Litchfield Park (AZ) Debt Settlement Businesses
- Freedom Financial, 555 E Plaza Cir, 85340