The average debt per creditor in the state of Arizona was roughly $3,000 per credit. With an average of six different creditors, it can be difficult for you to overcome that debt. Is there any way to get out from under this massive debt?
Use Arizona Debt Relief Services
Getting out from that debt can be hard if you are trying to do so on your own. Dealing with a multitude of credit agencies can be difficult. Each creditor may have their own rules as to when they will settle an outstanding debt. Keeping track of all the debt balances, different contact numbers and transcripts from each conversation can be mind-boggling.
Settling your debt with a third-party debt relief service can make your life a whole lot easier. A third-party will work with all of your creditors at the same time. The best news is that creditors are less likely to turn down a debt relief service approaching them about a settlement.
Consequences Of Not Settling Your Debt Quickly
Why would you want to settle your debt as soon as possible? Federal wage garnishment laws allow a creditor to take up to 10 percent of discretionary income each pay period. Coming to a debt settlement agreement will stop your wages from being garnished.
The statute of limitations may also be favorable to creditors. They have as many as six years to collect any outstanding balance that is owed to them. Credit cards have a statute of limitations that runs for three years from the point your debt first becomes past due. Do you really want to be harassed by creditors for the next three to six years?
Debt Consolidation Settles Your Debts Quickly And Easily
Debt consolidation through negotiation can result in a quick path out of debt. The average debt relief program takes as little as 24 to 48 months to complete. Your balance and interest rate are also going to be significantly reduced. These savings will lower your debt burden overnight.
Let’s say your a resident of Phoenix. The average debt in this part of the state is lower than the state average. However, you still have an average debt of $14,000. A debt relief service could potentially lower your balance to around $7,000. You don’t have to worry about interest rates anymore. You just have to worry about funding your settlement account.
Your average monthly payment will be around $400 a month. You could rent out a room in your house to raise the money to make that monthly payment. Even at minimum wage, you would only have to work 20 hours a week to fund that payment.
Find A Reputable Company
What you want to do is find a reputable company you can do business with. This is because a reputable company will not add on exorbitant fees to help you settle your debt. You should pay no more than 25 percent of the amount of the debt settled. Anymore than that and you start to eat into your savings.
Improve Your Credit Score
Remember that settling your debt is also going to help you improve your credit score. This will make it easier to get loans in the future. It will also make it easier to secure employment for yourself as well. Employers may be hesitant to hire someone who has a low credit score. Low credit scores are sometimes seen as a sign that you are not responsible.
Allowing your debt to linger only results in higher interest rates, late fees and the risk of legal action. Today is the day you take the first step toward becoming debt free. Call today for a free consultation. Log on to debtconsolidationusa.com to get more information about your debt relief options.