Jacksonville Debt Settlement
Debt settlement is an ethical channel of debt relief that has helped thousands of residents from all over Florida attain freedom from their unsecured debts. If you feel like you’re struggling to make payments, there may be a debt relief solution in Jacksonville that can ease the burden and work perfectly for your financial needs.
Jacksonville Debt Statistics
Of all the cities in Florida, Jacksonville ranks among the top 5 for average debt per resident. Each taxpayer in the city owes an average of $6,100, making it one of the worst states in the country for taxpayer burden. Within Duval county, residents maintain a median income of around $50,000, a figure which has not changed much since the 2008 recession.
Explore Debt Relief Options in Jacksonville
Those with unsecured debt in Jacksonville have a number of debt relief options available to help them get back on their feet financially. These are a few of the methods which debtors make use of in Florida:
Balance Transfer Cards
Balance transfer cards have low interest rates & allow debtors who qualify to reduce the amount lost to interest when repaying their debts. The downside to balance transfer credit cards is that they can be paired with steep credit requirements which many debtors looking for debt relief may not be able to satisfy.
H3: Florida Debt Management or Credit Counseling Program
Debt management programs can be beneficial for Jacksonville debtors who are willing to work with a credit counselor. These programs can offer a free debt relief solution where only a single monthly payment has to be made and the credit counseling agency may be able to negotiate reduced interest rates at the minimum. The disadvantage to this form of debt relief is that it does not reduce the overall total of debt that has to be repaid, but focuses more on the handling & distribution of monthly payments and reducing the interest rate.
Jacksonville Debt Consolidation Loans
Debt Consolidation loans allow a debtor in Jacksonville to take out a low-interest loan to repay their debts. This form of debt relief is similar to a balance transfer card in that it can help reduce the amount that is paid into interest rather than the principal debt, but the down side is that consolidation does not work to treat the principal balance of debt, only in reducing the burden of interest.
Debt Settlement or Debt Negotiation in Jacksonville
Jacksonville debt negotiation is unique from the previous relief options in that it can reduce the principal debt balance in addition to the interest rate. Not only can you end up paying less interest with a settlement, but may also be able to save a significant amount on repaying the original debt amount as well. The downside to settlement is that it is more effective for certain types of debts than others and creditors can be past the point of negotiation in some rare cases. The advantages are that settlement can offer one of the quickest routes to freedom from debt when it is done correctly.
Filing for Bankruptcy
Filing for bankruptcy can halt the creditor collection process, but a debtor may still have to repay some or all of their debt depending on which type of bankruptcy is filed. Bankruptcy often does more damage to your credit score than settlement does as well, but it can be a viable option for those with creditors who are past the point of negotiation.
How Debt Settlement Works in Jacksonville
Debt settlement is a form of debt relief that involves negotiating a lump sum payment with creditors to repay a debt. This payment can amount to much less than the original amount owed with debtors only having to repay 40-50% of the principal debt in the best-case scenarios. Once the creditor has received the full payment, the debt is considered to be repaid.
Generally, creditors will agree to negotiate a settlement rather than losing the entire debt in a bankruptcy proceeding.
Benefits of Negotiating Debt in Jacksonville with New Era
- No upfront or add-on fees. Debt settlement is a service that can only be legally charged for after the debt has been settled. Companies that charge a debtor for anything before this are breaking the law. With New Era, you only pay a fee after the debt has been fully settled.
- All-in-one service. Many settlement agencies are only sales groups that pass their clients along to another company to handle the settlement. This means that multiple parties are getting access to your financial information and the sales group may have little or no control how the settlement turns out in the end. At New Era, we handle cases from beginning to end.
- Experienced settlement firm. New Era Debt Solutions has over 20 years of experience and has settled over $275,000,000 in debt for our clients. Over the years, our firm has built a track record for success because of the relationships we’ve built with creditors which allow for the best settlement deals to be reached. Check out our client testimonials to get an idea of what it’s like to work with our programs.
Start Your Journey to Freedom from Debt in Jacksonville Today
If you’re in need of debt help in Florida, contact New Era for a free analysis with a debt expert. Let us show you how much time and money you can save with the right type of debt relief solution for your financial needs. Contact us at New Era Debt Solutions to figure out your options for debt relief in Jacksonville.