When you’re hoping to become debt free and steer clear of bankruptcy, we can help. At Texas Debt Consolidation, our objective is to connect you to a debt settlement expert in Longview – right now – that helps consumers in Longview.
Selecting a Debt Settlement Service in Longview, TX
Don’t settle your debts with some shady service. Virtually any legitimate debt settlement company in Longview, TX, will divulge a good bit of details before you get started. They clarify their fees, their savings requirements, and the risks associated with this form of debt relief.
You’ll want to find out whether or not your Longview, TX debt settlement service is legitimate by researching the following:
- How long have they been in business?
- How many clients have they handled?
- How much are their fees?
- What is their score with the BBB?
- How effective have they been?
- Are they certified to do business in Texas?
No Longview, TX debt settlement company is allowed to charge advance fees!
Longview Debt Negotiations
Also known as debt negotation in Longview, debt settlement gives you several significant benefits:
- Substantial Debt Reduction
- Substantial Savings in Interest
- Short 24-36 Month Schedule
- Flexible Payment System
- Alternative to Declaring Bankruptcy
However, because of the detrimental influence it has on your FICO scores, it’s viewed as an alternative to bankruptcy.
Reducing your debts in this way has some disadvantages. As an example, debt settlement will be damaging to your FICO score in the long run, unlike other options, as your debt won’t be completely paid back. Given that debt consolidation will involve paying off your creditors every month, debt collection calls should grow less frequent. Not so when you negotiate a reduced amount. It may take up to 180 days for anything to happen. While these negotiations are going on, your credit card debt will keep growing.
Keep in mind, banking institutions can file a lawsuit against an individual in order to go after a past debt. With debt settlement, the likelihood of your creditors filing suit goes up. Why? Mainly because you quit paying your creditors.
Debt settlement might be a good idea if you would answer yes to the following questions:
- Are you entertaining the idea of bankruptcy?
- Do you owe at least $10,000 in debt?
- Are you comfortable with having subprime credit?
There are 93,041 people in Longview, and we estimate that 9,217 have credit card balances in excess of $10,000.
Folks who’ve got debt to income ratios of 50% or higher are ideal candidates for debt relief of some kind or another, whether it be settlement or consolidation. The optimal ratio is 33-36 percent. In Longview, people earn $19,784 each year, or $1,649 on a monthly basis. That means the average resident of Longview ought to fork out about $610 in credit card, mortgage/rent, and car/student loan installments. Unfortunately, a lot of us are spending over $841 month after month. No surprise, these people could use debt relief, either debt settlement or consolidation.
Credit card settlement and consolidation/management each has its own pros and cons. All of these are methods of relieving debt. Debt reduction is special in that it contributes to an absolute cut in the amount owed. You pay your creditors month after month as part of a debt management plan, so your credit rating is not damaged nearly as dramatically as it is after a debt settlement, during which you quit repaying your debt. However, consumer credit counseling generally takes longer and over time you’re going to pay off every cent you owe. Visit here for additional information about debt consolidation in Longview.
How Much Does Debt Settlement Cost?
Whereas debt management plans have regular monthly fees, debt settlement costs are usually applied after each credit card is paid back.
For the most part, settlement companies charge a percentage of the debt you want reduced, often about 15 percent. Though you shouldn’t be required to pay until after they actually negotiate with your creditors.
- Consumer Credit Counseling Service, 1800 W Loop 281, 75604
- East Texas Professional Credit, 3801 Gilmer Rd, 75604
- East Texas Professional Credit, 409 E Loop 281, 75605