You might be able to negotiate a debt settlement for less than you thought possible, and steer clear of bankruptcy to boot. At TN Debt Consolidation, we can get you in contact with a debt settlement agency that’s right for you. Are you ready to get rid of credit card debt?
We can put you in touch with a consultant who can chat with you about debt settlement in Columbia, TN.
Please don’t trust your debt settlement to some underhanded company. Virtually any good debt negotiator will provide you with some specifics prior to signing up:
- Pricing: monthly fees have to be completely explained.
- Duration: they must inform you when they will get in touch with the credit card companies, as well as the funds you must have saved.
- Dangers: they must tell you about the adverse implications of choosing not to pay your creditors
Make sure you find out whether your Columbia, TN debt settlement firm is reputable. Research the following:
- How long have they been in operation?
- How many cases have they handled?
- How much do they charge?
- How successful have they been?
- Are they certified to negotiate debts in the state of Tennessee?
No Columbia, TN debt settlement agencies are allowed to charge upfront fees!
Columbia (TN) Debt Settlement Considerations
Often known as debt negotiation in Columbia, debt settlement is the only debt relief option that reduces your original credit card debt, rather than just the interest rate. But it has more disadvantages than some other solutions.
Reducing your debts like this does have a few downsides:
- Bad for your credit rating.
- Debt never totally repaid.
- Creditors may not approve negotiation.
- Debt keeps mounting while settlement is being negotiated.
- Calls from collection agencies might not be reduced.
- Unpaid debt can be taxed.
- Takes six months before settlement is agreed upon
You should know that credit card providers can file a suit against you so as to collect a debt. With debt settlement, the risk of getting sued rises. How come? Because you stop paying them each and every month.
Debt settlement may be a good idea if you would reply yes to these questions:
- Have you been considering declaring bankruptcy?
- Do you have $10,000 or more in debt?
- Would you be willing to accept poor credit?
Of the 50,655 residents of Columbia, 5,018 owe credit card debts of at least $10,000.
Together with how much you owe in total, you’ll want to calculate your debt to income ratio on a monthly basis.
Say you get paid $1,710 each and every month, which is the average in Columbia. If you spend less than $616 on credit cards, loans, and rent, you have a recommended level of debt (36%). If you are shelling out $633-$718 (37-42%), you may want to scale back how much you’re spending. If are spending $735 to $855 (43-50%), you’re heading towards severe debt issues. If are spending more than $872, you’re in real trouble and really should consult a debt consultant.
Needing to decide between consolidating and settling your debt? Debt settlement results in a reduction in what you owe, while consolidation or management won’t. Some methods of relieving debt – debt consolidation, management, counseling – are much better for your credit rating in the long term. However, they are extended methods in which you pay off every penny you owe. Read this article to read more about credit counseling in Columbia, TN.
Debt Settlement Rates: Columbia (TN)
No debt relief firms in Columbia are allowed to bill you upfront. Any reputable debt settlement firm in Columbia, TN, will only charge you once a credit card is settled. Most debt relief solutions normally entail flat monthly fees. As a rule, settlement firms charge you a percentage of the debt you want reduced, often up to 15 percent. This fee will often be paid over 12-24 months.
Some law firms in Columbia, TN, may provide debt settlement for their clients. While the majority of debt settlement companies don’t require a fee every month, most law firms do. Which would be fine, but they get paid a share of the forgiven debt. The percentage varies, however it’s commonly roughly 30 percent. Needless to say, this is more costly than the percentage charged by a debt settlement firm.
Debt Settlement Agencies: Columbia (TN)
- Tennessee debt settlement company? Contact us for a free listing!
Debt Collections Agencies: Columbia (TN)
- Columbia Adjustment Bureau, 1505 Carmack Blvd, 38401-4125