When you’re hoping to avert bankruptcy, but you can no longer make your monthly bills, a debt settlement service in Duncanville, TX, could possibly be the solution. At Texas Debt Consolidation, we can get you in contact with a debt settlement company – this minute – that’s right for you. Best of all: there are no commitments, and no fees associated with what we do.
Of the 35,997 residents of Duncanville, roughly 3,566 have unsecured balances in excess of $10,000. We can help you find the debt relief solution that best meets your needs.
You can’t trust your debt settlement to some shady service. Any legitimate debt negotiator will divulge certain details before signing on. They stipulate their prices, their starting dates, and the hazards you will be up against.
Be sure that your Duncanville debt settlement company is trustworthy by verifying the following:
- How long have they been operational?
- How many negotiations have they managed?
- How much do they charge?
- What is their rate of success?
- Are they certified to do business in Texas?
Debt settlement services have several well-known advantages:
- Debt Reduced by 20-60%
- Substantial Interest Savings
- Short 24-36 Month Timeline
- Adjustable Repayment Scheme
- Alternative to Declaring Bankruptcy
However, it demands serious consideration.
With debt settlement, you just stop making payments to the credit card companies. Instead, you save money in a special savings account until you’ve got enough to pay the settlement negotiated by your Duncanville debt settlement agency. In the meantime, your credit score gets worse because you’re no longer paying your creditors. Of course, declaring yourself bankrupt would ruin your credit rating as well. In accordance with 2010 FTC guidelines, your savings, or “special purpose” account must be under your complete control, irrespective of the results of your credit card negotiations. It also has to be FDIC-insured.
Remember, credit card providers are able to sue a borrower so as to collect a debt. With debt settlement, the likelihood of getting sued increases simply because you stop repaying them on a monthly basis.
Statute of Limitations for Debt in Texas
As a resident of Duncanville, you ought to be aware of the Texas statute of limitations when it comes to debt:
- Statute of Limitations: 4 years
- State Statute: 16.004
Suitable prospects for debt settlement are carrying no less than $10K of debt, are considering filing for bankrupty, and can no longer afford the minimum payments on their credit card bills month after month.
There are 35,997 folks who live in Duncanville, and we estimate that 3,566 owe credit card debts in excess of $10,000.
Duncanville Debt to Income Ratio
If your debt-to-income ratio is more than 50%, then licensed debt relief is highly recommended.
Let’s suppose you earn $2,910 a month, Duncanville’s average income. If you spend less than $1,048 on credit cards, loans, and mortgage/rent, you’ve got an ideal load of debt (36%). If you are spending $1,077 to $1,222 (37-42%), you really should scale back your expenses. If are forking over $1,251 to $1,455 (43-50%), you are on the edge of severe debt troubles. If you spend more than $1,484, you’re hurting badly and ought to seek professional debt advice asap.
Duncanville Debt Settlement vs Credit Counseling
Trying to decide between debt settlement and consolidation? All of these are methods of relieving debt. Debt reduction stands alone by leading to a true decline in the amount owed. When it comes to debt management, consolidation, or counseling, your payment amount is combined. However, still repay the card issuers until your debts are paid off. This is is more favorable for your credit ratings, but reduced interest rates and fees are the only form of savings you’ll enjoy. For more details, click here: credit counseling in Duncanville, TX.
Whereas debt management plans have regular fees each month, debt settlement expenses are normally charged after each credit card is paid back. Normally, settlement agencies will charge you around 14-18 percent of your debt – this is a whole lot! Though you won’t be required to pay until after they go ahead and settle your debt.
Debt Settlement Agencies in Duncanville (TX)
- Consumer Credit Counseling Service, 402 W Wheatland Rd, 75116
- Dfw Motorcade Safety, 1920 North I-35E, 75116
- Impact Credit Group Of North Texas, 4133 Gardner Drive The Colony, 75116
- Omega Credit Services, 2100 S Great Southwest Parkway, 75116
- The Law Office Of Vicki K McCarthy, 1106 S Main St, 75137