Can’t pay off your credit cards? Debt settlement can help you cut down how much you owe drastically.
At UT Debt Consolidation, we can get you in contact with a debt settlement company who will:
- Bargain with your credit card providers.
- Get you a written contract for debt reduction.
- Create a strategy to repay your debt in 2-4 years.
There are absolutely no commitments, and it’s free.
By law, Salt Lake City debt settlement agencies must disclose the following information before you get started:
- Charges: monthly fees are to be carefully explained.
- Schedule: they have to say when they will reach out to your creditors, along with how much money must be saved.
- Risks: they must inform you of the unfavorable consequences of choosing not to pay your creditors
Be sure you find out if your Salt Lake City, UT debt settlement consultant is trustworthy. Check how many years they’ve been settling debt, how many cases they’ve handled, what their rate of success is, how much they cost, and whether they’re registered to do business in Utah.
There are specific warning signs of agencies that are dishonest. For example, if any debt settlement company in Salt Lake City wants to charge you advance fees, lodge a grievance against them.
Debt settlement services provide a number of highly-touted benefits:
- Considerable Debt Reduction
- Huge Savings in Interest
- Brief 2-3 Year Timeline
- Adjustable Settlement Scheme
- Alternative to Bankruptcy
However, it shouldn’t be embarked upon without serious thought.
You need to get in touch with a debt counselor to discover whether debt settlement meets your requirements.
Thinking about debt settlement? There is something you should know. First off, your creditors may not agree to negotiate. Also, debt settlement is bad for your credit rating. All things considered, your creditors will never be fully paid back. Moreover, your collection calls may not be reduced significantly.
Legal Action and Debt Settlement
You should know that creditors are able to file a lawsuit so as to collect a debt. There is more risk of getting sued when it comes to debt settlement in Salt Lake City, UT simply because you quit paying them.
Debt settlement might be right for you if you answer yes to these questions:
- Are you entertaining the idea of going bankrupt?
- Do you owe $10,000 or more in debt?
- Are you comfortable with having a bad credit score?
There are 567,641 people in Salt Lake City, and 56,231 have credit card debts in excess of $10,000.
Your debt specialists will look at your debt to income ratio, or DTI. The ideal ratio is 36%. In Salt Lake City, consumers make $15,927 annually, or $1,327 per month, which means a typical Salt Lake City resident ought to pay less than $478 in credit card, mortgage/rent, and auto/student loan installments, but many people in Salt Lake City are paying $677 or more monthly. Not surprisingly, these borrowers need debt relief options, either debt settlement or consolidation.
Consolidating vs Negotiating Your Debt in Salt Lake City, UT
Whether you choose to settle or consolidate your debt, you should enjoy a consolidated payment per month, but the similarities terminate there.
While debt settlement results in a reduction in debt, consolidation and management do not.
You continue to pay off your credit card issuers each and every month under a debt management plan. So your credit score is not harmed nearly as drastically as it will be after debt negotiations. Since of course, with credit card settlement you quit paying back your debt. Then again, consumer credit counseling generally takes longer and over time you will pay your debt in full. Visit here to read more about credit counseling in Salt Lake City, UT.
Debt Settlement Rates in Salt Lake City (UT)
Given that it’s the most dramatic debt relief solution at your disposal, debt settlement is generally not cheap. As a rule, settlement firms charge you a percentage of the debt you want settled, often about 15 percent. This service charge will usually be assessed over a time period of 1-2 years.
Debt settlement attorneys are generally more expensive than working with a debt settlement consultant. The fee structure for debt settlement attorneys in Salt Lake City tends to be different. Moreover, they will also take a hefty slice of the debt they save you. The proportion differs, however it’s usually approximately 30%. Often, this is less affordable than the percentage charged by a debt settlement firm.
- Aaa Fair Credit Foundation, 230 W 200 N, 84103
- Aaa Fair Credit Foundation, 525 E 100 S, 84102
- Bankruptcy Express, 234 E 3900 S, 84107
- Consumer Credit Advocates, 4746 S 900 E, #240, 84117
- Steven B Ward, 5955 S Redwood Rd, 84123
- Academy Credit, 230 W 200 S, #2107, 84101
- Academy Credit Tools, 230 W 200 S, 84101
- AREM, 2316 S 300 E, 84115
- Credit Correction 911, 575 E 4500 S, 84107
- Dun & Bradstreet – Credit Services, 4525 Wasatch Blvd, 84124
- Morin Law Pc, 3760 Highland Dr, #500, 84106
- AAA Fair Credit Foundation, 230 W 200 S, #3104, 84101
- AUTO MART, 3081 S State St, 84115
- Mountain States Bankruptcy, 999 Murray-Holladay Rd, #109, 84117
- Berry & Tripp, 5296 Commerce Dr, #200, 84107
- A American Credit and Debt Counseling Service, 3580 Constitution Blvd, 84119
- Consumer Rights Advocates, 535 S 300 E, #200, 84111