A professional Lansing debt negotiator may be able to settle your debts for less than you ever thought possible.
At Illinois Debt Consolidation, our aim is to connect you to a debt settlement company who works with Lansing residents.
By law, Lansing debt settlement companies have to provide you with the following details before getting started, including how much the costs are for their program, how long their system takes, and how much impact debt settlement will have on your credit score.
Make sure to determine whether or not your Lansing, IL debt settlement firm is reputable by verifying how many years they’ve been settling debt, how many clients they’ve handled, what their rate of success is, what their fees are, and whether they’re licensed to do business in the state of Illinois.
No Lansing debt negotiation firm is allowed to charge fees before getting started!
Also referred to as debt negotiation, debt settlement is the only debt method that actually contributes to a decrease in principal. But it demands serious consideration. You need to get in touch with a debt relief professional to see if debt settlement fits your needs.
Excited about debt settlement in Lansing, IL? There are some things you should take into account:
- Severely impacts your credit scores.
- Debt never fully cleared.
- Credit card companies don’t always agree to settlement.
- Debt continues to increase during negotiations.
- Calls from debt collectors may not decrease.
- Tax disadvantages.
Statute of Limitations for Debt: IL
Credit card providers have only so much time to take legal action for credit debt. In Illinois, this is 5 or 10 years.
How can you tell if debt settlement is worth pursuing?
- Have you been thinking about bankruptcy?
- Do you owe $10,000 or more in debt?
- Are you willing to put up with pretty bad credit?
If you fall into this category, don’t fret. We estimate that 2,868 Lansing residents are burdened by this much debt.
What’s Your Debt to Income Ratio?
People with debt to income ratios of 50% or more are ideal candidates for debt relief in some form or another, either settlement or consolidation.
In short, if you’re investing over half of your income to credit cards, home loan, and/or automobile or student loans, you’ll want to talk with a debt settlement consultant in Lansing, IL. Considering that the average income in Lansing is $3,973 each month, we’re talking about $1,987. You should really shoot for a ratio of somewhere around 36%, or $1,430 for the average Lansing consumer.
Managing vs Negotiating Your Debt: Lansing (IL)
Debt settlement and consolidation each have their own advantages and disadvantages. Most debt management plans provide lower rates of interest on your credit cards. However, there is no debt forgiveness is involved.
Other forms of debt relief – consolidation, management, counseling – are much better for your credit rating in the long term. However, these are protracted remedies in which you pay off every penny you owe. Click here for additional information about credit counseling in Lansing, IL.
What Does Debt Settlement Cost?
Whereas debt management programs have ongoing monthly fees of $25 to 40, debt settlement charges are typically applied after each creditor is settled.
As a rule, settlement companies charge you a percentage of the amount you want settled, often around 15%. This fee will usually be spread out over a time period of 1-2 years.
Lansing (IL) Debt Settlement Firms
- Mortgage Advisors Inc., 1030 Dixie Hwy, 60438