What Makes a Good Debt Settlement Candidate
Everyone is not a right candidate to participate in a debt settlement program. In order to qualify for our debt settlement program, debtors must first demonstrate that they fell behind on their payments to creditors due to a legitimate financial hardship. We can assist with some secured debts, but it is important for you to understand that we mainly work with the unsecured ones. People who stand to significantly improve their financial situation with our debt settlement program to become debt-free and are truly in need of its benefits, are the ones we are able to help the most.
Signs That You Need Debt Relief
To help determine if you are presently overwhelmed with your debt, please reply to the following YES or NO questions below.
a.) Do you feel anxious, stressed, or worried at the thought of money?
b.) Each month, is it just the required minimum monthly payments towards your credit card payments or your loan that you are only able to make?
c.) Do you find yourself diverting money that was meant for other things just so you can pay your bills?
d.) Do your credit cards have high balances? Are they near or at their limits?
e.) Are your savings to pay bills being raided by you?
f.) Regarding your delinquent accounts, has a debt collector or a credit card company contacted you?
g.) Right now, would you have to put off an emergency or an unexpected need like a doctor’s visit or a dentist because you do not have the funds to afford it?
h.) Would you find yourselves in financial trouble right away if your partner or yourself were to unexpectedly lose your income?
i.) Just to be able to get by, are you presently working a second job or contemplating one?
j.) Is a large or increasingly large portion of your monthly income being used by you to pay your debt? Your debt responsibilities should ideally require no more than 20% of your monthly income.
You likely need to address your financial challenges if you answered YES to any of these questions.
What determines how you will need to proceed in dealing with your debt problems is the severity of your circumstances with them.
Time to call a professional debt relief company like Start New Financial for credit counseling if…
- If you’re adding (not subtracting) debt every month.
- When you’re living paycheck to paycheck.
- If marriage doubles your problem – for instance, your new spouse brings debt into the union that suddenly has you owing twice as much.
- Your net worth is less than zero.
- Fearing that it might be a bill collector, you neglect to answer your phone. At this stage your finances probably have you losing sleep over them. Your debt is officially out of control when this sign occurs.
- Your savings have been drained.
- You have turned to alcohol or drugs.
- You hide spending habits from loved ones.
Your debts have crept too high when you can see these telltale signs:
- Since there isn’t enough money in your account to pay your bills you are compelled to pay them late.
- You have taken advances on your paychecks.
- You open a new credit card account to help pay off another credit card or to pay your constant monthly bills. Terrible strategy. The goal is to not add to the total amount of debt and to REDUCE it.
- You have no money for basic extras, such as watching a movie or ordering restaurant food, after struggling to pay your bills.
- Typically, the balance of your bank account tends to be at $0 or below.
- You lack an emergency fund. Liquid funds equivalent to three to six months of your income are globally recommended by financial advisors to insure against financial emergencies like job loss or unexpected medical bills.
- You were met with rejection when you applied for new lines of credit. You either have too much debt or your recent credit history is damaged. Maybe both.
- Your credit cards are maxed out.
- Creditors keep calling to collect payments.
- Half or more of your income is consumed by your debts (credit cards, medical bills, personal loans).
- On your monthly credit card bills you are only making your required minimum payments.
You must understand debt
Debt represents another one of those four-letter words to most people that they rather not be associated with. Some people won’t even consider a car loan because they are so averse to debt and the risks it creates. They never carry a balance on a credit card (that is, if they even have a credit card!) and pay for everything with cash. That is one extreme. The opposite applies to the reckless risk-takers, the type of people who love to use other people’s money to their advantage. It’s a way to take big losses but big gains can result from it on occasion.
You can also discuss this with certified credit counselors who are professional debt specialists. These certified debt experts train to assist debtors in determining where those dollars go and how they can be distributed much more efficiently. It is possible for you to repay your unsecured debt so much quicker than it would take to repay it when just making your required minimum monthly payments if you’re working with one of the structured debt management programs that are available.
Call Start New Financial for your FREE phone consultation with one of our certified credit counselors who will offer you the best debt advice you can get in your individual situation. As a gold standard debt relief company, we have several great programs from which we find the right fit for your particular situation, which we then further individualize to customize it for you for the most perfect, tailored fit. You’re gonna love it and be so happy for once! We save our valued clients a lot of time and money, reducing their total debt, obtaining a single, lower monthly payment that leaves them extra money for themselves, and putting the brakes on interests and fees. We specialize in debt consolidation and debt settlement. Call us TODAY to start your journey to financial freedom!
Start New Financial helps you successfully progress on your road to financial freedom
Start New Financial possesses the ability and experience that is going to help you with any type of unsecured debt (credit card debt, medical bills, personal loan, student loan debt, etc.), without any upfront fees whatsoever. Call TODAY for your FREE phone consultation.
Get A Free Debt Assessment
Simply fill out the form and one of our credit counseling experts will contact you. Soon, you’ll be on your way to a debt-free life!