Debt settlement refers to the process where a borrower negotiates with creditors in attempt to reduce the total amounts owed, often resulting in significant “savings” in the form or reduced interest. Are you considering if debt settlement is a viable option for you? Read on to explore this popular form of debt relief, and see if it may be right for you.
A Detailed Look at Debt Settlement for Orange County Residents
What Types of Debts Are Suitable for Settlement or Negotiation?
Typically, only unsecured debts (which are not secured by tangible assets or collateral) qualify for this approach to debt relief. Secured debts are loans tied to an asset such as a vehicle, home, or RV, but can also include other obligations with guarantees such as student or SBA loans. Those types of debts do not qualify for settlement, although there are exceptions and caveats that may apply in some situations. Unsecured debts encompass credit card debts, consumer loans, personal lines of credit, and medical bills. If you live in Orange County and have more than $10,000 in these types of debts, then a settlement program may a great option to consider. One of its biggest advantages is that it can help you avoid filing for bankruptcy.
Debt settlement can help lower your debt balances, and for the creditor, enable them to still receive a portion of what they may have otherwise never had repaid. There are benefits and detriments that must be considered prior to enrollment, so if you would like more information it’s best to speak with one of our consultants today.
We Can Help Settle Your Debt in Orange County
At Debt Support Center, Inc. we help local Orange County residents evaluate their financial situation to make the best decisions possible. Here are some of the steps you can expect to walk through when you contact us.
- Household Budgeting: One of the first things we begin with is evaluating your monthly budget. This is the foundation from which good financial decisions come from. We will talk through both your incoming revenue and outgoing expenses, as this will provide a basis to consider your debt relief options. If we find that your monthly debt payments are unsustainable, this will lend itself to further discussion of how debt settlement may be right for you.
- Evaluation of Options: We don’t believe in a one-size-fits-all debt relief option. It’s true that every program is going to have advantages and disadvantages, so the next step is to discuss the options that exist in light of the affordability of your budget. Once we see how much disposable income you have to work with, some options may become unrealistic while others become much more realistic. You will speak in confidence with one of our debt counselors, and find assurance in receiving answers that will begin to lift the financial fog of indecision.
- Future Goals: Once you’ve seen the debt relief options that are available to you, we will help you weigh their impact on your mid-term and long-term financial goals. For example, if you have a car purchase approaching next year, we will discuss the credit report impact that some debt relief options will have on that objective. You can expect to look at the big picture as we evaluate your options, and this combined with your program knowledge and budget information will empower you to make an informed decision about how to proceed.
You are not alone if you are considering debt settlement in Orange County. Many California residents are finding themselves in debt due to losing their job, unforeseen health problems, under employment, and/or unforeseen household expenses. Irrespective of the reason, a well-planned debt settlement program can help you chart a new course toward the financial freedom that you desire.
If you are a resident of Orange County, California, and would like to discuss a solution to your financial burdens, please contact Debt Support Center, Inc. today for assistance. We will help you understand the various debt relief options that exist, and how each will impact your personal situation. We have the knowledge, tools and experience to help you make informed choices—which will ultimately help you get on the right track and resolve your debt with absolute peace and confidence.
Contact us today for a free consultation!