Debt Settlement Friendswood, Texas

In Friendswood, debt settlement firms provide debt relief for negotiating the principal balance you owe on your unsecured loans. Unlike consolidation or counseling, debt settlement provides a faster and a convenient means of handling debts in Dallas. Debt settlement negotiates reductions of the balances and may be paid overtime or in lump sum settlements. Typically, you will deposit money every month into a special purpose account

In Friendswood, a large portion of your balances can be forgiven if you stop making monthly payments to your creditors and demonstrate financial hardship. Credit counseling is another option to resolve debt by lowering the interest rates, but it does not negotiate the balances, so the savings can be a lot less. However, you continue to make monthly payments in this type of program.

There are debt relief alternatives to be considered in Friendswood: such as: 

• Minimum monthly payments

Making minimum monthly payments may seem like one is doing the right thing but may turn out to be the worst strategy since it will take a longer period to pay your debts. However, if you can pay off the smallest balance and then apply the payment to the next debt, you can use the “roll-up method” to accelerate the payoff time.

• Debt management plan

In Dallas, there is an option of a debt management plan that enables you to make a single monthly payment to a credit agency then the amount is sent to the enrolled, who typically offer a lower interest rate.. 

• Debt Negotiation in Friendswood

In debt negotiation in Dallas, the actual principal balance can be reduced with a program that might take 24 to 48 months, depending on your budget. The program payment might be less than half compared to making minimum payments.

• Bankruptcy in Friendswood

Consumers in Dallas who cannot pay their debts have bankruptcy as an option, and a declaration of bankruptcy is issued to put a stop to the collection process until the bankruptcy is completed.