Debt settlement firms in Azle, TX, may be able to help you significantly reduce your debts.
We can find you a debt settlement consultant in Azle – this minute – based on the amount you owe and your location, as well as a couple additional factors. Isn’t it time to get rid of debt?
Legally, Azle debt settlement agents must disclose certain specifics before you sign on:
- Compensation: all fees should be thoroughly enumerated.
- Duration: they have to say when they’ll get in touch with the credit card issuers, along with how much money must be saved.
- Risks: they have to explain the unfavorable implications of choosing not to pay your creditors
Be sure to determine whether or not your Azle debt settlement company is trustworthy. Research the following:
- How long have they been in business?
- How much debt have they settled?
- How much are their fees?
- How successful have they been?
- Are they licensed in the state of TX?
Debt settlement offers a number of big advantages:
- 20-60% Decrease in Debt
- Large Savings in Interest
- Brief 2-3 Year Timeline
- Flexible Repayment Plan
- Substitute for Bankruptcy
However, it shouldn’t be embarked upon without serious consideration. Do you want to get your debts settled?
Before you move forward with debt settlement, there are certain things you have to know:
- It’s very bad for your credit rating.
- Debt never 100% repaid.
- Credit card companies can deny negotiation.
- Debt keeps mounting while negotiations are under way.
- Collection calls might not decrease.
- Debt that’s settled is usually taxed.
- Can be half a year before settlement is agreed upon
Don’t forget that banking institutions do have the right to file a lawsuit to help them pursue an outstanding debt. The likelihood of being sued is greater. Why is that? Because you stop repaying them. A local Azle debt settlement attorney doesn’t have the power to prevent a lawsuit from any bank who is pursuing your debt. Sometimes they will represent you in court, other times they won’t.
Minimum Standards for Debt Negotiation in Azle (TX)
If you owe $10,000 of debt, can’t make your payments, and would rather be free from debt than have good credit, credit card debt settlement might be a good idea.
Of the 23,303 people who live in Azle, 2,308 are estimated to carry credit card debts in excess of $10,000.
Individuals who have debt to income ratios of 50% or higher are excellent candidates for debt relief, whether it’s settlement or consolidation. The optimal ratio? 33 to 36 percent. The average income in Azle, TX, is $21,773 annually, or $1,814 on a monthly basis. This means a typical Azle resident should pay out no more than $653 in credit card, mortgage/rent, and loan repayments, but many Azle residents are forking out over $907 every month. These consumers need debt relief, whether it be debt settlement or consolidation.
Settling your debt and managing it have just one thing in common: just one single payment amount. But the similarities terminate there.
Whereas debt settlement leads to reduced debt, consolidation and management do not. You continue to pay back your credit card issuers month after month as part of credit counseling, which means your credit score is not harmed as badly as it is during debt negotiations. Then again, debt consolidation generally takes longer and at the end you’ll pay back every cent you owe.
Read this article for more information about credit counseling in Azle, TX.
How Much Does Debt Settlement Cost?
No debt settlement firms in Azle are allowed to make you pay upfront. Any good debt settlement firm in Azle, TX, will only charge a fee once a balance is settled. Most debt relief solutions generally involve flat fees.
The vast majority of settlement firms charge you a percentage of the debt you want settled, often around 15%. In most cases, they have been prohibited legally from making you pay until a balance has been repaid.
Attorneys vs Azle Debt Settlement Companies
Have you considered debt settlement attorneysBelieve it or not, a lawyer may actually be more expensive than hiring a debt settlement consultant. Whereas the vast majority of debt settlement firms don’t charge you a monthly charge, many attorneys do. The issue is that they get paid a sizeable portion of your debt savings. . The percentage? Commonly a third. Usually, this is less affordable than the 14-20% you will be asked to pay a debt settlement firm. Simply because this individual is an attorney does not mean they will be able to stop creditors from suing you. So many people don’t realize this.
Debt Settlement Companies in Azle (TX)
- Consumer Credit Counseling Service, 1501 Southeast Pky, 76020
- Foley, James PLLC – James Foley, PLLC, Attorney at Law, 4455 Camp Bowie Blvd., Suite 114 Pmb 45, 76020