Can’t pay off all the money you owe? Debt settlement may be able to help you cut down your debt by a considerable amount. Let us help you find a debt settlement consultant that will:
- Bargain with your credit card providers.
- Acquire a written settlement for debt forgiveness.
- Establish a plan to repay your debt in 2-4 years.
Are you ready to get out of debt?
Don’t settle your debts with some unethical service. Virtually any reputable debt negotiator will divulge some specifics before registering:
- Fee Structure: charges have to be fully spelled out.
- Duration: they must say when they’ll get in touch with the credit card issuers, and the funds must be saved.
- Risks: they must explain the adverse consequences of deciding not to pay your creditors
Make sure to determine whether your Bethlehem, PA debt settlement firm is an honest one. Check how many years they’ve been negotiating debt, how many clients they’ve managed, what their success rate has been, what their fees are, and make sure they’re licensed negotiate debt in the state of Pennsylvania.
Please remember: no Bethlehem, PA debt settlement agencies are supposed to charge fees before they settle your debt!
Debt settlement programs offer a few highly-touted benefits:
- Drastic Reduction in Debt
- Huge Savings in Interest
- Quick 24-36 Month Schedule
- Flexible Repayment Structure
- Substitute for Bankruptcy
However, it means depositing funds into a savings account each month as opposed to paying back your creditors. Then you give them the agreed amount. Needless to say, settling your debts like this will severely impact your credit rating. Ready for a free debt settlement savings assessment?
Before you decide to go with debt settlement, there’s something you have to know:
- Harmful for your credit rating.
- Debt never totally paid back.
- Credit card companies can reject negotiation.
- Debt continues to increase while debt reduction is being negotiated.
- Collections calls probably won’t stop.
- Debt that’s forgiven is taxable.
Risk of Legal Action
It’s important to know that credit card providers do have the right to sue an individual to pursue a debt. There is a bit more risk of litigation considering that you quit repaying them.
Debt settlement might be right for you if you would answer yes to the following questions:
- Have you been entertaining the idea of bankruptcy?
- Do you owe at least $10,000 in debt?
- Are you comfortable with having bad credit scores if it helps you reduce what you owe?
There are 116,037 residents of Bethlehem, and 11,495 carry credit card debt of more than $10,000.
Bethlehem Debt to Income Ratios
Your credit consultants will calculate your debt to income ratio, or DTI.
Put simply, if you are dedicating over half of what earn to credit cards, rent, and car loans, you should speak to a debt settlement specialist in Bethlehem, PA. Given that the average income in Bethlehem is $2,532 every month, this is just $1,266. You really need to aim for a ratio of approximately 36 percent, or $912 for the average Bethlehem resident.
Debt settlement and consolidation each have their own benefits and drawbacks. The vast majority of debt management programs provide reduced rates of interest for your credit cards and/or payday loans. However, there is zero debt diminishment is involved. You continue to pay off your creditors every month during a debt management plan, meaning your credit rating is not damaged nearly as much as it is during a debt settlement. On the other hand, debt consolidation generally takes longer and over time you’re going to repay your creditors in full.
Go here for additional information about debt consolidation in Bethlehem, PA.
How Much Does Debt Settlement Cost?
Being the most drastic debt relief solution at your disposal, debt settlement is generally the most expensive. Generally, settlement companies charge you a percentage of the amount you want settled, often around 15 percent. This service charge will usually be assessed over a time period of 1-2 years.
What about debt settlement attorneys in Bethlehem?Retaining a lawyer may well be less affordable than working with a debt settlement firm. Many lawyers will ask you for a retainer, normally 5% of what you owe, in conjunction with a fee every month. Additionally, they get paid a big chunk of the forgiven debt, normally 30 percent. Usually, this is more costly than a debt settlement service. Just because he or she is your attorney doesn’t mean they can prevent credit card companies from taking legal action.
Bethlehem, PA Debt Settlement Services
- Law Offices DA Casselle – Dawne A Casselle Esq, 1415 Gail Ave, 18015