florida debt consolidation
Florida Debt Consolidation as an Alternative to Bankruptcy
Before considering bankruptcy there are several options you might want to pursue. The availability and usefulness of these options will depend on your employment (or income) situation and the type of assets you have. These other options involve consolidating your payments through a credit counseling service or consolidating all your debt through a debt consolidation loan.
There really are two types of debt consolidation loans, one that is secured by equity in your home and one that is not. (see Florida Exemptions) With a debt consolidation loan that is not secured by your home a company simply loans you money to pay off your debt. You make one monthly payment to the consolidation company and they take care of the debt with your creditors.
You may also be able to lower your cost of credit and improve your financial circumstances by consolidating your debt through a second mortgage or a home equity line of credit. Think carefully before taking this on. These loans require your home as collateral. If you can’t make the payments-or if the payments are late-you could lose your home.
This option is especially important to consider if you have more equity in your home than you are allowed to protect with your Florida home exemption. If you have more equity in your home than can be protected with your Florida home exemption you will either have to surrender you home under a Chapter 7 bankruptcy or, if you want to keep your home, create a payment plan under a Chapter 13 bankruptcy. If you are considering a Chapter 13 bankruptcy to keep your home you might want to first pursue the debt consolidation option.
If you are lucky enough to live in the Sunshine state also known as Florida FL and enjoy beautiful weather year round with an occasional hurricane thrown in then congratulations. Unfortunately pocketbooks have been hit lately and many residents in Tampa, Miami, Orlando and other areas of Florida are struggling to keep up with their credit card minimum payments.
Now you find yourself searching for answers to your debt problems. Let us take a quick look at some of those credit relief solutions available to Floridians.
For many debt consolidation in Florida is a viable option. You take all your monthly unsecured bills and roll them into one lower monthly payment you can afford. You get some breathing room on your finances each month and you can finally dream of becoming debt free.
Many consumers believe a consolidation loan is the only way to consolidate your unsecured debts. But there are other ways to reduce what you owe, consolidating all your credit card payments into one low monthly payment that you can afford. This method actually allows you to negotiate with your creditors and get your outstanding debts reduced by a sizable amount and save thousands in interest charges compared to a debt management plan or consumer credit counseling service.
You also get the benefit of paying no upfront fees to get started. At least if you deal with the best debt consolidation companies in Florida.
The consolidation of your debt including medical bills, payday loans, credit card bills – any unsecured debts – can provide you some much needed debt relief. Unfortunately this is not available for secured debts, only unsecured debt is available for this type of debt consolidation program.
This is when bankruptcy might be your next best bet to get much needed debt relief.
Bankruptcy in Florida is a popular search on the major search engines. You should do your best to avoid the bankruptcy courts. The direct and indirect costs are way too high. You need to make sure there is absolutely no other way out of debt before you head off to see a Florida bankruptcy lawyer. But like we have said, there are times when it makes sense to speak to a bankruptcy attorney.
Going down this route may be necessary if you are behind on your mortgage payments and facing foreclosure.
It starts with speaking with a professional counselor who can offer advice on the best ways to get out of suffocating debt.
The faster you speak with a credit relief counselor from DebtConsolidationUSA.com the faster you can relief on your bills.
Learn how Florida debt consolidation can help your personal finances. Every day you wait to make that phone call the more money to lose to your credit card companies.
Florida Debt Consolidation Quote
If you live in Florida and face serious debt problems, you’ve come to the right place. Read on to learn more about how you might be able to get a handle on your debts by obtaining a free Florida debt consolidation quote from a BBB-accredited debt relief provider.
The past few years haven’t been great for Florida’s economy. The state’s real estate industry was devastated by a housing bust that resulted in hundreds of thousands of foreclosures and forced many families out onto the streets.
To add insult to injury, the state was hit harder than most by the ensuing national recession. For a time, its unemployment rate exceeded 10 percent. Local shops and firms closed en masse or packed up and moved to more vibrant parts of the country.
Even as things slowly get back to normal across the Sunshine State, the local economy hasn’t yet recovered its former spunk. In-migration and tourism have tailed off, robbing low-tax Florida of a key source of revenue growth. Meanwhile, many construction companies have yet to resume hiring.
In this environment, it’s no wonder that thousands of Floridian consumers labor under heavy burdens of credit card debt.
If you’re one of these folks, there’s no sense in blaming yourself for your predicament. If anything, it’s the economy’s fault that you find yourself in your current situation. You can’t single-handedly control the business cycle or convince your boss to give you a raise.
However, you can seek a free Florida debt consolidation quote from a provider that has a strong record of helping struggling borrowers reduce their debts and live fuller, less stressful lives.
To be clear, there are plenty of ways to seek debt relief. On this site, we’ve discussed a number of debt-reduction strategies.
Some of these require little outside assistance. For instance, many credit card companies offer balance transfer “teaser rates” to new customers. If you can qualify for a new credit card or have an existing piece of plastic with a particularly low rate on balance transfers, you might be able to transfer some or all of the balance on a high-interest card to this new low-interest vehicle.
Of course, these low rates often expire after a few months. If you haven’t paid down a significant amount of your debts by this time, you could end up right back where you started.
If you decide that balance transfers or debt consolidation loans can’t solve your debt problems, sign up for a free Florida debt consolidation quote from a reputable business. Debt consolidation companies specialize in reducing the balances on unsecured debt facilities like credit cards, collections, medical bills and even some repossessions.
Signing up for a debt consolidation quote in Florida isn’t nearly as painful as obtaining a new loan or credit card. In fact, it might require just a minute or two of your time.
After you express interest in receiving a quote, you’ll be asked to provide your name, e-mail address and phone number. You won’t have to give out any credit card information or provide your Social Security number. You should avoid dealing with any outfits that ask for such personal information in exchange for a Florida debt consolidation quote.
You should also avoid dealing with companies that ask for large upfront payments in exchange for their services. Most reputable debt consolidation companies won’t charge you a dime until much later in the consolidation process. By that time, you’ll already know how much you stand to save.
If you decide to move ahead with your program of debt consolidation, you can count on the full support of a trustworthy business that has full accreditation from the Better Business Bureau and the endorsement of other important credit-relief organizations.
You can also expect to see significant reductions in your unsecured debt load over time. While traditional debt consolidation can’t reduce secured debts like mortgages or “special” debts like student loans or back taxes, it can make these obligations significantly easier to handle.
In fact, debt consolidation is regarded as an effective alternative to bankruptcy. Since many borrowers are forced to declare bankruptcy after struggling with a combination of student debts and credit card bills, this process could mean the difference between solvency and a decade-long post-bankruptcy struggle to regain a good credit rating.
Although there’s no way to gauge exactly how much you stand to save after obtaining your Florida debt consolidation quote, you’ll probably notice the difference. In the past, debt consolidation customers in Florida have reduced their balances by 20 to 50 percent in just a few short years.
Some have saved even more than this. The exact amount that you stand to save is dependent upon the whims of your creditors, the size of your existing balances, and the precise mix of your unsecured debts.
If you’re on the fence about the debt consolidation process, keep in mind that your Florida debt consolidation quote doesn’t cost a dime. It also won’t obligate you to sign up for a program that isn’t right for you.
At the same time, it could be your first milepost on the long road back to financial freedom. The choice is yours.
It’s hard to believe that Florida’s economy was flying high just a few years ago. Powered by a boom in the construction and banking industries, the state was attracting thousands of new arrivals every month. Entire towns were being built from scratch on the picturesque fields, wetlands and beaches that define the state to many outsiders.
These days, things are far different. Florida’s unemployment rate remains above 8 percent. Nearly 15 percent of the state’s population lives below the poverty line. Meanwhile, its median household income is $5,000 below the national average.
It’s no wonder that Floridians are racking up consumer debt at breathtaking speeds. From Miami to Pensacola, Florida’s homeowners and consumers are leveraging themselves at unprecedented rates. If you’re a hard-working Floridian who struggles with credit card bills, business debts and other obligations, you’re probably desperate for a way out of your predicament.
Florida Debt Consolidation Options
Fortunately, you’re a prime candidate for a program of debt consolidation in Florida. From a focused program of debt management led by an experienced credit counselor to a powerful debt negotiation plan that could help you avoid a bankruptcy filing, you’re virtually certain to find a plan that could stop your personal debt crisis in its tracks.
If your debts consist primarily of high-interest credit card bills, consider getting in touch with a Florida credit counselor. These professionals are trained to work in close concert with your credit card issuers to reduce the interest rates on your outstanding debts.
When you enroll in a credit counseling program in Florida, you’ll be presented with a debt management plan that’s designed to work within your budget. Along with your newly-reduced interest rates, you’ll receive budgeting suggestions that could keep your finances on track for years to come.
One of the biggest drawbacks of your Florida debt management plan is likely to be its duration. Some credit counselors have been known to draw up plans that take as long as seven years to complete. If that’s not acceptable to you, you may wish to look at some other Florida debt relief options.
Debt Consolidation Loans in Florida
If your debt load is larger than $10,000, you might qualify for a debt consolidation loan. These credit facilities are designed to pay off your existing creditors and roll your debts into an easy-to-understand loan. Instead of dealing with multiple banks and credit card companies, you’ll have just a single lender to pay off each month.
If your credit score is above 600, your Florida debt consolidation loan might carry a far lower interest rate than your disparate credit card bills. However, these loans aren’t ideal for folks who have poor credit. Most consolidation lenders don’t take chances on borrowers with sub-prime credit scores.
Even if you can find a willing lender, you might find it difficult to afford your loan. Many sub-prime debt consolidation loans come with interest rates of 15 percent or more. While Florida consolidation loans are great for debtors with solid credit, you’ll need to crunch some numbers to ensure that you don’t take on an expensive new obligation.
Florida Debt Negotiation Plans
If you decide that a debt consolidation loan isn’t for you, you have another option: debt settlement, also known as debt arbitration or debt negotiation. Debt settlement is a powerful form of debt relief that’s often described as a prime alternative to bankruptcy. You can resolve your debt problems without filing bankruptcy.
After enrolling in a program of Florida debt settlement, you’ll stop paying your existing creditors and use your savings to establish an escrow account. Meanwhile, your debt negotiation team will work to convince your creditors to accept reductions in the principal balances on your debts. While no case is typical, these reductions could slash your total debt package by thousands.
Once all of your debts have been settled, you’ll make a lump-sum payment out of your escrow account and begin a new chapter in your financial life. It’s important to note that this process will temporarily damage your credit score. However, this damage won’t be as deep or long-lasting as any theoretical post-bankruptcy hit to your credit score.
Take charge of your life and investigate your Florida debt relief options today.
Life-Changing Florida Credit Counseling
Poor credit can happen to any of us, and sometimes it may not even matter that we’ve managed money well all our lives. If you’re facing financial struggles in Florida, CreditGUARD of America can help. We will create a strategic plan to get you out of debt quickly using budgeting and saving tools to restore a future that’s financially secure.
CreditGUARD is tailored for everyone with credit issues. If you’re looking for more help managing a budget, Florida credit counseling services offered by CreditGUARD can assist you. Not only will our trusted credit counselors help you create a monthly budget, but they will also provide you with tips on how to save for the future. No matter your credit history, you’ll gain peace of mind as your life gets back on track.
How Florida Debt Consolidation Can Lower Your Payments
The debt consolidation process consists of several aspects, including consolidating multiple debts into one affordable payment at a reduced interest rate. This enables you to make your payment on time without having to borrow money from a lender through a debt consolidation loan. Are you deep in debt? Have you missed some payments? At CreditGUARD, we make restoring your credit virtually hassle-free with our Florida credit counseling.
Receive Helpful Florida Credit Guidance
For over two decades, we have been providing people with credit counseling and debt management services. In addition to consolidating your debts, we will work with you to devise a budget focused on getting you out of debt for good. Your financial well-being is our top priority. When it comes to debt consolidation in Florida, we can provide you with the know-how needed to manage your finances effectively. Call us at 1-800-500-6489 to discuss your options for Florida debt consolidation, or complete our form for more information today!
Real Client Success Stories from Florida
Clients We’ve helped in Florida
A Ft. Lauderdale client needed help consolidating her credit cards. The client was approximately two months behind and owed over $12,000 in credit card debt. She had financial difficulties because she lost her job a few months ago; and even though now she’s working, she’s unable to catch up because of the high minimum payments and increase in interest rates. We were able to provide her a lower monthly payment, a reduction in interest, and a few other benefits through our Debt Management Plan. Also, our complete budget analysis found more ways to help her save money. The program should get her out of debt in approximately four years.A Bostwick, Florida man called with a severe financial hardship due to loss of income over a year ago. He had been in the vicious cycle of falling behind then catching up over and over again. We were able to reduce his fees and interest and got him an affordable monthly payment. He was able to get back on track quickly from this unsecured debt totaling over $13,000. He was able to pay off his obligations and became debt-free in less than four years with a savings of over $12,000!
An elderly client on a very small fixed income from Jacksonville, Florida contacted our office for our help. She was behind with her payments and couldn’t seem to get caught up. She further stated that the creditors were calling her numerous times a day and this was causing her emotional distress. She was approved for our program, and we were able to save her $1,108.82 in interest and will have her debt free in 3 years instead of 14 years and four months. The client was so happy about this that she started crying. She kept singing our praises for what we were able to do for her.
We got a call from a Jupiter, Florida client with a total debt of $48,050.00 across six credit cards. We approved the client for our debt management program. The client’s monthly payments decreased by $333, and we were able to save him $67,337.52 in interest as well as decrease the length of time paying the accounts off from 36 years and three months to 4 years and three months.
A Spring Hill, Florida woman maxed out her six credit cards helping her brother and mother with medical expenses. Her total debt came to $11,717 for which her total monthly payments came to $475. Adding to her precarious financial situation, she had not received a raise in four years! She was struggling to make her minimum payments every month and saw no way out of debt without help. Through our debt management program, we were able to lower her monthly payments to a total of $274. She will be debt free in 4.5 years instead of nineteen years. She will save more than $11,000!
The client we signed up from Stuart, Florida was in dire need of help due to her medical situation (cancer plus other illnesses). She was begging for help and crying over the phone. We consoled her as best we could and advised her about our debt management program to help alleviate some of the pressure in her life. We helped her out of her credit card and medical debt with our medical debt consolidation program. We told her she’d be out of her $45,000 in debt in 3.5 years, and she was ecstatic. She could not thank us enough for helping her change her life.
LC lives in Trenton Florida. She was laid off by her company and now only receives social security and a small pension. She has about $11,000 in credit card debt. Through our program, her new payment will be $347, and she will save over $15,500 in interest and fees and have her accounts paid off in 3 years and nine months. She is thrilled because she can afford this lower monthly payment and will soon be debt free!
Learn More about Our Debt Consolidation and Credit Counseling Services in:
Other Florida Cities We Serve: