Debt Settlement in Kansas
Consider Your Options
Here is a brief description of each of those five debt relief methods.
1. Make Minimum Monthly Payments
It may feel like making minimum monthly payments is an acceptable compromise if a debt is too much to handle, but this is often the worst strategy one can employ. This route can extend the time it takes to repay the debt and add a substantial amount to the cost in the form of interest.
2. Debt Management or Credit Counseling Programs
Credit counseling is a type of debt management program where you make a single monthly payment to a counseling agency, and in turn, they distribute the funds to your creditors on your behalf. Ideally, the agency can secure lowered interest rates on your unsecured debts in the process, but this is not always the case. Most of these types of programs are offered by debt relief companies for free, but the downside is that you still end up paying back the entirety of the debt plus any interest. These programs also tend to up to 3 to 5 years to complete in Kansas.
3. Debt Consolidation Loan
Debt consolidation is a type of debt relief that focuses on reducing the amount of different monthly payments that have to be made while lowering the overall level of interest that is accruing on those debts. By taking out a large loan with a low-interest rate, a debtor can use those funds to pay off all of their other unsecured debts that have higher interest rates. Theoretically, this can leave you with only a single monthly payment that amounts to a lower total than what you were paying monthly for all of your unsecured debts before. The disadvantage with debt consolidation is that these types of loans can be hard to qualify for if your credit isn’t outstanding and the interest rate can bounce back to a high level if the debt is not repaid within the promotional window.
4. Kansas Debt Settlement or Debt Negotiation
Debt settlement is different from the first two options in that the total balance of debt can be reduced in addition to the interest rate. Because you end up owing significantly less in the end, debt settlement is generally a quicker and less costly option for relieving debt when compared to either debt counseling or debt consolidation. Reduce your unsecured debts with Polk County debt settlement, Linn County debt settlement, or Scott County debt settlement services from New Era Debt Solutions.
5. Filing for Bankruptcy
Bankruptcy may be inevitable for consumers who consistently find themselves unable to meet their debt obligations. A formal declaration of bankruptcy in Kansas puts an immediate halt to the creditor collection process, and the debtor no longer owes some or all the unsecured debt.
How Does Debt Settlement Work?
Debt Settlement is a matter of negotiating with creditors to work out a reduced repayment deal. During this process, the balance owed (principal) on a debt can be reduced by up to 50% while the interest rates are also lowered. This is vastly different from Debt Consolidation and Credit Counseling which do not reduce the principal balance and can only affect the interest rates. By negotiating down the total balance, Debt Settlement can provide a much faster road back to financial freedom.
Most creditors are willing to negotiate debts in this way because receiving even a reduced payment is a better alternative than losing the entire debt principal in a bankruptcy proceeding.
You can include the following types of debt in a New Era Debt Settlement Program:
- Credit cards
- Department store cards
- Signature loans
- Old judgments
- Old repossessions
- Other unsecured debts
- Personal lines of credit
- Private student loans in default
The following types of debt do not qualify:
- Medical / Hospital bills
- Car loans
- Other secured debts
- Federal student loans
- Home mortgages
- Credit Union debts
Kansas Debt Settlement Services by City
- Wichita Debt Settlement
- Overland Park Debt Settlement
- Kansas City Debt Settlement
- Olathe Debt Settlement
- Topeka Debt Settlement
- Lawrence Debt Settlement
- Shawnee Debt Settlement
- Manhattan Debt Settlement
- Lenexa Debt Settlement
- Salina Debt Settlement
This list is not exhaustive. Be sure to check with your Kansas debt counselor for a more extensive list of debts.
Figure Out What’s Best for Your Finances
Do you have a legitimate financial hardship condition?
Most debt problems in Kansas are caused by a loss of employment, suffering from medical issues, or going through a divorce/separation. These are legitimate financial hardships that can happen to any consumer through no fault of their own, but nonetheless, each can create significant strain on a household budget.
If you’re being buried in debt and you’d prefer to negotiate, then Debt Settlement can provide an honest and ethical debt relief alternative. Des Moines debt settlement, Cedar Rapids debt settlement, or Davenport debt settlement may be able to help reduce your unsecured debts in a quick & affordable manner.
Are you committed to getting out from under your debt?
Debt Settlement is an aggressive approach to debt relief; and, as such, it presents an occasional challenge. It is not a “free ride” system for those who simply don’t want to pay their bills.
Your level of commitment to staying with the program, even when the road presents a few hurdles, is often what determines success. For those who are willing to see it through until the debt is completely settled, debt settlement can get you out of financial trouble faster and for a lower cost than nearly every other form of debt relief in Kansas.
Are your debts primarily from credit cards?
Most forms of unsecured debt can be negotiated through settlement such as signature loans, personal lines of credit, miscellaneous bills, repossession deficiencies, financing contracts, department store cards, and more. However, the deepest discounts are most often obtained with credit card debts; so, if a good portion of your unsecured debt is from credit card accounts, then you can expect good results from partaking in a debt settlement program.
How Do I Know I Can Trust My Debt Settlement Company?
You can pick the good settlement firms from the bad ones right off the bat by asking these 14 important questions before you start working with them. It is also always a good idea to check the company’s average rating and complaint history with the Better Business Bureau to see what other Kansas consumers’ experiences have been like working with them in the past.
New Era Debt Solutions has been helping Kansas consumers become debt free since 1999 and maintains an A+ rating with the Better Business Bureau. Our team of debt experts has settled more than $250,000,000 in debt and worked with thousands of clients from nearly every state across the country. But don’t just take our word for it – Visit our Testimonials page to see what past clients have had to say about our services.
What Makes New Era Different from Other Firms?
No Feed Upfront. A Debt Settlement company cannot legally charge you any fees until or unless they settle your debt. As per an FTC ruling effective October 27, 2010, this is not only the most ethical way to offer settlement services, it’s also the only legal way to charge fees for this type of debt relief.
- No “hidden” fees. While some debt settlement companies in Kansas try to charge you for extraneous fees for administration, signing, or even consultation, the good-guy debt settlement companies, such as New Era, only charge a settlement fee that is not paid for until the debt has been settled.
- End-to-end service. Some “debt settlement” companies out there are only sales groups who sell or pass accounts off to a third party to handle the settlement process itself. This means your sensitive financial data is being passed around between multiple parties and the salesperson typically has no control over, or interest in, how your debt is settled in the end. At New Era, we handle our settlements with an in-house team of debt experts.
- 20+ Years of Experience. With the crash of the sub-prime mortgage industry in the late 2000s, many prior mortgage industry professionals changed their businesses into debt settlement firms. These newer companies do not have the experience or the relationships that it takes to land the best settlement deals. Look for a settlement company that has been around long enough to amass a successful track record of settlements in Kansas. For example, New Era has been settling debts for over 20 years, and in that time, we’ve reduced our clients’ debt loads by more than $250,000,000.
Get Started Today
New Era negotiators are experts at getting you some awesome deals in Kansas, but the offers don’t last forever. Our most successful clients in Kansas debt settlement are those who are ready and willing to respond immediately.
Consumers in Kansas can get a FREE analysis of their debt at New Era. Talk to a debt expert today to see how you how much time and money you can save with the right type of debt relief. Contact New Era Debt Solutions to get started.