In today’s economic climate, job security is shaky. Gone are the days when a person can bank on retiring from the same company. Gold company watches and pensions are for many a thing of the past. Statistics show that a great number of Kansas residents that work hard are still struggling to keep their heads above water.
Debt Relief Programs in Kansas are Highly Effective
If you live in Kansas and you are facing financial difficulty, know that you are not alone. Americans across this great nation have mounting debt that can be quite overwhelming.
The Reality of Debt in American Households
Unsecured debt seems to be one of the greatest burdens on American households. Credit card debts are staggering. It is not necessary for you to face your financial struggles alone. In Kansas, debt relief programs are available to assist you with getting your debt under control and regaining solid footing with your finances.
Life will always be unpredictable. Layoffs happen, divorces happen, medical emergencies happen; curve balls are a part of living. You don’t have to let the curve balls take you out. Utilize the resources available to you.
Credit card debt settlement has helped millions of Americans and thousands of Kansas residents regain control of their finances. Credit card settlement can help you dig yourself out of a deep hole.
The Pros and Cons of Debt Settlement by the Consumer
You can choose to do the credit card settlement or debt negotiation yourself, or you can choose a debt counseling agency to help you navigate this system full of rules, guidelines, and red tape.
The Benefits of Working with a Professional Debt Relief Program
If you choose to work on your credit card debt settlement get ready for some frustration. You can definitely be successful if you do your homework, but the process can be tedious and very time consuming. Organization will play a major part in your success. Creditors oftentimes are less than truthful about their practices.
Be Aware of Your Financial Standing
A significant number of Kansas residents don’t know their credit score and they are not aware of what their current credit report reflects. This is essential. Credit reports frequently contain mistakes and errors that have nothing to do with the consumer. These mistakes can be quite costly to your financial standing and credit score.
Getting a free credit report from each of the big three Credit Agencies is the law. Equifax, Transunion, and Experian must provide you with a credit report every year. However, it is up to you to request this free credit report.
State and Federal Guidelines
Kansas follows Fair Debt Collection Practices Act (FDCPA). These laws are in place for your protection. One example, a creditor may not telephone or send mail to your employer unless a good faith effort has been made to reach you at home. A debt collection agency can’t charge more than a 6% interest rate.
For consumer protection, there are state level guidelines and federal guidelines and laws. Credit settlement companies and credit counseling agencies must abide by these boundaries. Consumers oftentimes don’t know their rights, so they can get taken advantage of in this maze of credit settlement.
Creditors are not anxious to accept less than what you owe. In fact, until you are significantly behind in your payments, the creditor will usually entertain accepting less than your full debt obligation.
Some laws and guidelines that protect you are as follows:
All fees and costs for services must be disclosed up front
Timeframes must be disclosed. The agency is required to provide information on how long it will take to settle a debt. An accurate estimation of the number of months or years is necessary to reveal to the customer.
The consumer must be advised of the negative consequences and repercussions of debt settlement practices. Stopping payment on debt is sometimes encouraged, so you must understand that penalties and interest will continue to accrue.
Navigating the system with creditors can be overwhelming. Professionals deal with creditors every day and they are savvy of the hidden practices that happen to consumers. A reputable debt relief agency can assist you with getting back on track. It is important to choose and agency that has a great reputation, great reviews and a stellar history with the Better Business Bureau. Beware of scams. They do exist. Don’t trust your precious financial information with a company that has not been thoroughly vetted. Do your homework.
Signing up with a Debt Relief Agency is not as costly as you may believe. The fees are based on the services they provide. The agency will let you know up front how much their fees are. They are bound by the law to do this.
The key to a successful financial recovery is a consistent, steady approach. Getting out of debt will not happen overnight, but it can happen sooner than you may think. The main goal of a debt relief agency is to get your debt to a manageable amount. The expertise of the agency will result in reduced late fees, penalties, and creditors know these professionals are savvy. The result for you is a successful recovery and a healthy financial standing.