For people in Lubbock, TX, debt settlement is an increasingly popular option. Let us find you a debt settlement expert in Lubbock, TX – today – who will:
- Negotiate with your card issuers.
- Get a written settlement for debt forgiveness.
- Establish a strategy to repay your debt in 2-4 years.
Best of all: there are absolutely no commitments, and it’s free of charge.
>> Get a Debt Settlement Estimate – Online!
Locating a Debt Settlement Company: Lubbock (TX)
By law, Lubbock debt settlement companies must divulge certain information before you sign up:
- Pricing: charges must be completely explained.
- Timeline: they have to say when they’ll get in touch with your creditors, not to mention how much money must be saved.
- Dangers: they must inform you of the unfavorable consequences that come as a result of choosing not to pay your creditors
You’ll want to determine whether or not your Lubbock, TX debt settlement consultant is legitimate. Check how many years they’ve been settling debt, how much debt they’ve negotiated, what their success rate is, what their prices are, and whether they’re registered negotiate credit card and payday loan debts in Texas.
Lubbock Debt Negotiations
Often known as debt negotiations in Lubbock, debt settlement is the only program that lowers your overall debt, as opposed to just the fees or interest rate. But it’s an intense succession of negotiations that comes with a good amount of risk and sacrifice.
>> Get Your Free Debt Settlement Assessment – Online!
So as to negotiate a better settlement, your debt settlement agency will probably have you quit making payments to your creditors. Your money will go into a checking account. Once you have enough money to pay the negotiated settlement, your card balances will be repaid. Lamentably, your credit score will get lower and lower. Additionally, the collections calls probably won’t come to an end. In accordance with fairly new FTC rules, your savings, or “special purpose” account must:
- Be FDIC-insured.
- Give you unrestricted withdrawals.
- Not charge you for withdrawing funds.
As a resident of Lubbock, you ought to be familiar with the statute of limitations for debt:
- Statute of Limitations: 4 years
- State Statute: 16.004
To meet the criteria for a credit card settlement program in Lubbock, TX, you ordinarily have to have:
- $10,000 in Credit Card Debt
- $300 Per Month For Payments
There are 219,631 people living in Lubbock, and we estimate that 21,757 owe credit card balances in excess of $10,000.
Calculating Your Monthly Debt Load
In addition to how much you owe in total, you need to determine your ratio of debt to income.
Put simply, if you are investing over half of what earn to credit cards, home loan, and car or college loans, you should speak with a debt settlement professional in Lubbock, TX. Considering that the average income in Lubbock is $1,307 on a monthly basis, we’re talking about $654. You really want to shoot for a ratio of just about 36% ($471 in Lubbock).
Consolidating vs Settling Your Debt in Lubbock, TX
Credit card settlement and consolidation each have their own good and bad points. These are all methods of relieving debt. Debt reduction is unique in that it results in a true reduction in the amount owed. You repay your creditors each month under credit counseling. That means your credit rating is not harmed as drastically as it will be during a debt settlement. Then again, debt management generally takes longer and over time you will pay your debt in full. Visit here to find out more about credit counseling in Lubbock.
What Will Debt Settlement Cost?
As the most dramatic debt relief option for residents of Lubbock, debt settlement is generally the highest priced.
As a rule, settlement agencies charge a percentage of the balance you want settled, often around 15 percent. Though you shouldn’t be forced to pay until after they actually reduce your debt.
Debt Settlement Businesses in Lubbock (TX)
- Consumer Credit – Budget & Finance Counseling Service, 1220 Broadway, 79401
- Financial Freedom, 1220 Broadway, #1906, 79401
- Huffman Elizabeth S, 1706 14th St, 79401
- Certified Credit Counseling Centers, 5730 63rd St, 79424
