When you’re trying to convince the credit card companies to allow you to settle for a reduced amount of your balance, debt settlement is a popular solution.
Our mission is to help you find a debt settlement consultant – now – that’s right for you. Are you ready to lower your unsecured debt?
Locating a Debt Settlement Agency: Pleasant Grove (UT)
Legally, Pleasant Grove debt settlement agencies are required to provide you with some details before enrolling, such as how much the fees are for their assistance, how much time until they make contact with your creditors, and what risks there are.
You should make sure your Pleasant Grove, UT debt settlement service is trustworthy by checking the following:
- How long have they been operational?
- How much debt have they settled?
- How much do they charge?
- What is their success rate?
- Are they licensed in the state of Utah?
No Pleasant Grove, UT debt negotiation service should charge fees before they settle your debt!
Downsides of Debt Settlement in Pleasant Grove (UT)
Debt settlement is the only debt approach that cuts back on your actual unsecured debt, versus just your interest rate. But you should check with a qualified debt counselor before going down this road.
Around 2,685 of Pleasant Grove’s 27,106 residents owe at least $10,000 to the credit card companies. Let us match you with a debt settlement expert in Pleasant Grove, UT.
The services supplied by debt settlement firms in Pleasant Grove, UT, do have their shortcomings:
- Wrecks your credit ratings.
- Debt never totally repaid.
- Creditors may not approve negotiation.
- Debt keeps growing while negotiations are taking place.
- Calls from collectors might not get better.
- Debt you don’t pay is taxable.
In Utah, credit card providers have 4 years to file a suit for credit debt.
Ideal candidates for debt settlement are carrying at least $10K of debt, are considering bankruptcy, and can’t afford the minimum payments on their credit lines each month.
Of the 27,106 people in Pleasant Grove, 2,685 are estimated to carry credit card debts in excess of $10,000.
Lending institutions and credit experts will want to look at your debt to income ratio, or DTI. The ideal ratio is 33-36 percent. The average income in Pleasant Grove, UT, is $53,040 per year, or $4,420 each month. That means a typical Pleasant Grove resident ought to shell out less than $1,635 in credit card, mortgage/rent, and car/student loan installments, but many individuals are forking out more than $2,254 each and every month. Without a doubt, these borrowers are in need of debt relief programs, either credit card settlement or consolidation.
Debt settlement and consolidation/management each have their pros and cons.
Whereas debt settlement leads to a reduction in what you owe, management and consolidation do not.
Other forms of debt relief – consolidation, management, and counseling – are much better for your FICO rating over the years. However, these are long term methods in which you repay all of your debt. For additional information, go here: debt consolidation in Pleasant Grove.
Whereas debt management programs have regular fees each month of $25 to 40, debt settlement expenses are typically assessed once each credit card is repaid.
Nearly all settlement agencies charge you a percentage of the amount you want settled, often about 15%. Though you should not need to pay until after they actually reduce your debt.
Pleasant Grove (UT) Debt Settlement Agencies
- Debt Settlement Company? Contact us for a Free Listing!