Debt Settlement in Mississippi
Explore Your Options for Debt Relief
Here is a brief description of each of those five debt relief methods.
1. Continue making minimum monthly payments
You may feel you’re doing the right thing by making monthly payments on a debt, but this just may just be your worst strategy for getting back to even. Not only does this strategy of debt relief take longer than almost any other to clear the debt, but it also costs you a fortune in accrued interest over time.
2. Mississippi Credit Counseling or Debt Management
Credit counseling is a form of debt management where you make a single monthly payment to a credit counseling agency, and in turn, that agency distributes the funds to creditors on your behalf. Ideally, the agency can secure lower interest rates during the process so you can pay off the debt faster, but this is not always the case. With these types of programs, you still end up paying back 100% of the debt load and all interest that has accrued. On top of this, these programs are often designed to take between 3 to 5 years and have low rates of completion in Mississippi.
3. Debt Consolidation Loans or Credit Cards
With a debt consolidation loan or credit card, you end up taking out a larger loan with a low-interest rate and using those funds to pay off other unsecured debts that have higher interest rates. This can leave you making a single monthly payment that is less than what you were paying for all your credit card and other unsecured loans. The disadvantage with this form of debt relief is that consolidation loans can be hard to qualify for and the interest rates applied to the debt can bounce back to being high if the debt is not repaid within the promotional window.
4. Mississippi Debt Settlement or Debt Negotiation
Debt settlement differs from the previous relief options in that the actual principal balance you owe is lowered through negotiation. Because you end up owing less in the end, debt settlement can be a less expensive & faster route to attaining freedom from debt than either debt counseling or debt consolidation.
For the individual who constantly finds themselves in trouble with debt, bankruptcy may be an inevitable outcome. Formally declaring bankruptcy puts an immediate stop to the creditor collection process and the debtor is freed from some or all of their unsecured debt, but their credit score takes a significant hit for years after.
How Does Debt Settlement Work?
Debt Settlement is a process of negotiating with creditors to secure a repayment deal that amounts to less than the amount owed (principal). This is reduced the total balance of debt, not just the interest rate as with Debt Consolidation and Credit Counseling. By reducing the principal balance by up to 50% of the debt total and lowering interest rates, Debt Settlement can provide a much faster means of handling your debt in Mississippi.
Most credit establishments are willing to accept a reduced payment as this is better than losing the entire debt amount 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
- Personal lines of credit
- Old repossessions
- Other unsecured debts
- Old judgments
- Private student loans in default
The following types of debt do not qualify:
- Home mortgages
- Federal student loans
- Car loans
- Other secured debts
- Credit Union debts
- Medical / Hospital bills
Mississippi Debt Settlement Services by City
- Jackson Debt Settlement
- Gulfport Debt Settlement
- Southaven Debt Settlement
- Hattiesburg Debt Settlement
- Biloxi Debt Settlement
- Meridian Debt Settlement
- Tupelo Debt Settlement
- Greenville Debt Settlement
- Olive Branch Debt Settlement
- Horn Lake Debt Settlement
This list is not exhaustive. Be sure to check with your Mississippi debt counselor.
Figure Out Where You Stand
Do you have a legitimate financial hardship condition?
Most Missippi consumers run into debt problems because of medical issues, a loss in income, or going through a divorce/separation. Each of these situations constitues legitimate financial hardships that can happen to anyone through no fault of their own and any of them can cause serious strain on a household budget.
If you’d prefer to work things out creditors rather than declare bankruptcy but you feel like the debt is too much to handle, then Mississippi Debt Settlement could provide an ethical and honest form of debt relief.
Are you committed to getting attaining freedom from your debt?
Debt Settlement is an aggressive approach to debt relief that can present an occasional challenge. It is not a “free lunch” for people who want to skip out on paying their bills. Your level of commitment in seeing it through to the end, even when the road gets a little bumpy, is often the most important factor in determining how successful you are in your settlement efforts. For those who are willing to stay the course until the end, debt settlement can offer you the potentially quickest and least costly route for achieving relief from debt in Mississippi.
Are your debts primarily from credit cards?
Most forms of unsecured debt can be negotiated down through settlement including department store cards, lines of credit, signature loans, financing contracts, miscellaneous bills, repossession deficiencies, and more. But the biggest discounts tend to come from unsecured credit card debts. So, if the majority of your debt is from credit cards, then you can often anticipate good results from utilizing a debt settlement strategy.
Can I Trust New Era?
You can pick the good settlement firms from the bad ones by asking 14 important questions. When looking for a settlement firm to handle your debt, be sure to check with the Better Business Bureau (BBB) to see the company’s average rating and complaint history with Mississippi consumers.
New Era has been helping consumers in Mississippi become debt free since 1999 and maintains an A+ rating with the BBB. We’ve settled over $250,000,000 in debt for our clients across the United States. Visit our Testimonials page to see what other customers have had to say about our programs.
Here’s what makes New Era different:
No Upfront Fees. A Debt Settlement company cannot legally charge you fees unless or until they’ve settled your debt. Period. This is not only the most ethical way to do business, but it’s also the only legal way to charge for settlement as per an FTC ruling effective October 27, 2010. Any company trying to charge you upfront for settlement is breaking the law.
- No “add-on” fees. Some settlement companies try to get around the fee law by charging for signing fees, administrative fees, consultation fees, and other various other excuses to siphon extra funds from you. Ethical debt settlement firms, such as New Era, only charge a settlement fee which is not paid for until the debt is settled.
- End-to-end service. Some “debt settlement” companies are just sales groups who acquire leads and then sell or pass them off to a third party to handle the settlement itself. This can be a problem because it means your financial data is being passed around between multiple entities and the salesperson has no interest or control in how well your debt is settled. You should always look for a company such as New Era that will handle the case with an in-house team of debt experts.
- Experience. When the sub-prime mortgage industry crashed in the late 2000s, many mortgage industry professionals jumped ship and opened debt settlement firms instead. Most of these companies lack the experience & relationships that lead to your best settlement deals. Look for a settlement firm that has been around long enough to build a solid track record of successful settlements in Mississippi. For example, New Era has more than $250,000,000 in debt for our clients in the 20+ years we’ve been working in the industry.
Get Started on the Road to Financial Freedom
New Era negotiators are experts at getting you some awesome deals in Mississippi, but the offers don’t last forever. The most successful debt settlement clients in Mississippi are ready and willing to respond immediately.
Call us today for a FREE analysis of your debt in Mississippi. Get in in touch with a debt expert to see how much time and money you can save with the right form of debt relief. Contact New Era Debt Solutions to get started.