An experienced Midland debt settlement service can oftentimes get your unsecured debt reduced to less than you thought possible. At Texas Debt Consolidation, our aim is to get you in touch with a debt settlement consultant in Midland, TX who will work to reduce your credit balances.
You can’t put your trust in some dishonest agency. Any good debt negotiator will provide you with a good bit of information before you enroll:
- Pricing: all fees must be fully described.
- Schedule: they must inform you when they’re going to reach out to the credit card companies, and how much money must be saved.
- Dangers: they should explain the negative repercussions of no longer paying your creditors
Make sure your Midland debt settlement service is reputable by checking how long they have been settling debt, how much debt they have settled, what their success rate is, how much they charge, and whether they’re registered settle credit card and payday loan debt in the state of Texas.
A debt settlement program offers several substantial advantages:
- 20-60% Decrease in Debt
- Substantial Savings in Interest
- Short 2-3 Year Schedule
- Convenient Payment Structure
- Substitute for Declaring Bankruptcy
However, it’s only smart for certain consumers.
About 11,312 of Midland’s 114,192 residents have got $10,000 or more in debt. It’s not just you. Get debt help today.
With a debt settlement, you up and stop paying the credit card providers. In lieu, you deposit funds into a savings account until you have enough to pay the amount negotiated by your Midland debt settlement firm. In the meantime, your FICO rating goes down because you are not paying your creditors. Naturally, declaring yourself bankrupt would crush your credit score as well. In keeping with 2010 FTC regulations, your savings account should be in your control, irrespective of the result of your credit card negotiations. It also should be FDIC-insured.
In Texas, credit card companies have 4 years to file a suit for debt that’s owed them.
Ideal Midland debt settlement prospects have no less than $10,000 in debt, are facing bankruptcy, and can’t afford to make the minimum payments on their credit cards each and every month.
There are 114,192 people living in Midland, and we estimate that 11,312 carry credit card balances of more than $10,000.
What’s Your DTI?
Banks and credit specialists will calculate your debt to income ratio (DTI). The perfect ratio? 36%. The average income in Midland, TX, is $17,791 annually, or $1,483 each month, meaning the average resident of Midland ought to fork out approximately $534 in credit card, mortgage, and auto/college loan repayments. Regrettably, a lot of us are obligated to pay $742 or more on a monthly basis. These individuals need debt relief of some kind or another.
Debt settlement and consolidation each has its own advantages. All of these are methods of eliminating debt. Settlement stands alone by resulting in a genuine decline in the balance due. These methods of relieving debt – like debt consolidation, management, counseling – cause all that many problems for your credit score over the years. However, they are protracted alternatives in which you pay off all of your debt.
For details, go here: debt consolidation in Midland, TX.
How Much Does Debt Settlement Cost?
While debt management plans have regular monthly fees of $25-40, debt settlement fees are typically applied after each credit card is paid off. For the most part, settlement companies will charge you approximately 14-18% of what you owe – that’s a big chunk of change! This fee will typically be spread out over 1-2 years.
Midland, TX Debt Settlement Attorneys
Midland debt settlement attorneys are almost always more expensive than a debt settlement consultant. A lot of law firms will charge you a retainer, usually 5% of what’s owed, in addition to a bill every month. That’s fine, but they get paid a share of the forgiven debt. . The percentage? Generally 30 percent. This is normally more expensive than the percentage you will be asked to pay a debt settlement firm. Don’t forget, your attorney can’t offer legal advice unless they are a local Midland debt settlement attorney, or they are licensed to practice law in the state of Texas.
Debt Settlement Services: Midland, TX
- Financial Freedom Inc, 200 N Loraine St, 79701