Would you like to explore alternatives to declaring bankruptcy wherein you pay off at least part of what you owe to your credit card companies or lenders? Getting in touch with a good debt settlement company in Greensburg, PA, might be your first step toward being debt-free.
At Debt Relief of PA, we can match you with a debt settlement firm that’s right for your needs. Are you ready to get rid of credit card debt?
For legal reasons, Greensburg debt settlement agencies must disclose a good bit of information before registering, such as how much the fees are for their assistance, how much time their program normally takes, and what risks you should expect.
Be sure to find out whether or not your Greensburg, PA debt settlement specialist is trustworthy by checking how long they’ve been settling debt, how many negotiations they’ve handled, what their rate of success is, how much they charge, and whether they are registered to negotiate date in Pennsylvania.
Keep in mind: no Greensburg, PA debt negotiation company is allowed to charge upfront fees!
Negatives of Debt Settlement in Greensburg (PA)
Although debt settlement may lead to substantial reduction in what you owe, you should speak with a qualified debt consultant before going down this road.
About 5,672 of Greensburg’s 57,255 residents owe at least $10,000 to their creditors. You aren’t alone. Get debt relief today.
So that they can leverage a better settlement, your debt settlement agency will probably have you quit trying to repay your creditors. Your money will enter a checking account. After you’ve got enough money to pay the agreed amount, along with the fee owed to your debt settlement firm, your card balances will be paid off. While waiting, your credit rating worsens because you are not paying your creditors. As expected, declaring bankruptcy would ruin your credit scores as well. According to fairly new FTC guidelines, this savings, or “special purpose” account has to:
- Be FDIC-insured.
- Give you unrestricted withdrawals.
- Not penalize you for removing funds.
Ideal Debt Settlement Candidates in Greensburg, PA
If you owe $10,000 in credit card or unsecured loan debt, aren’t able to repay what you owe, and would rather be free from debt than have a good credit record, debt settlement might be sensible alternative to declaring yourself bankrupt.
If you are one of these individuals, you’re not alone – 5,672 Greensburg residents carry at least $10,000 of credit card debt.
Your credit experts will look at your debt to income ratio, or DTI.
Simply speaking, if you’re dedicating over half of your wages to credit cards, rent, and/or automobile or student loans, you must get in touch with a debt relief specialist. Seeing as the average income in Greensburg is $1,109 each month, this is just $555. You should really have a ratio that’s closer to 36%, or $399 for the average Greensburg consumer.
Consolidating vs Settling Your Debt: Greensburg (PA)
Debt settlement is often confused with consolidation. They’re entirely distinct solutions. Debt settlement programs entail a reduction in what you owe, whereas consolidation or management won’t. When it comes to debt management, consolidation, and counseling, your monthly payment is combined, but you still pay off the card issuers until your debts are paid in full. There’s no question that this is better for your credit scores, but reduced interest rates and fees are the only form of savings you’ll enjoy.
Read this article to learn more about credit counseling in Greensburg, PA.
Being the most radical debt relief solution available, debt settlement is generally the most expensive.
For the most part, settlement agencies will charge you roughly 14-18% of what you owe – this is a big chunk of change! In most cases, they’re forbidden legally from making you pay until a balance has been repaid.
- Commonwealth Credit Services Inc, 27 N Main St, 15601
- Equitable Debt Solutions, 645 E Pittsburgh Street Nordouest 143, 15601
- Advance America Cash Advance, 1005 W Pittsburgh St, 15601
- The Provision Group Financial & Career Coaching, , 15610
- Dittmar Counseling Svc LLC, 125 Hartman Rd, 15601