Call The GM Law Firm Phone Number To Settle Credit Card Debt
In Florida, settling credit card debt is overwhelming and often leads to financial hardships. Agreeing to the terms of the account locks consumers into a high-interest account that just isn't affordable. However, creditors don't disclose all facts about starting the accounts including the potential for a lawsuit. GM Law Firm llc and Chantel Grant help consumers facing excessive credit card debt now!GM Law Firm compliments are everywhere and show us that they are a company to trust.
Why Bankruptcy isn't the Answer Always
Bankruptcy isn't the answer to all debt settlement questions. Why? First, the consumer has to meet eligibility requirements. Not all consumers qualify. Either they lack the right amount of assets to liquidate, or their income isn't above the median for their household.
Filing for bankruptcy also means substantial damage to their credit. It remains on their credit report for up to ten years. Additionally, the consumer is restricted from obtaining any lines of credit if they choose chapter 13. They must also use their disposable income to pay off any debts excluded from the claim. After bankruptcy, it could be years before the consumer recovers from the financial effects.
Issues with Debt Consolidation
Debt consolidation loans help consumers pay off larger volumes of debts. However, there isn't a guarantee the consumer qualifies for a loan that is adequate enough to pay off all credit card accounts. Even if they consolidate, the loans don't protect consumers against lawsuits.
Any credit card debts that aren't included and/or paid off through the loan provide creditors with legal rights to collect. Inaccuracies in the debt balances aren't managed by loan providers either. The only way a consumer enforces their rights to accurate information is to take legal action.
Never Pay the Minimum Payment
Credit card accounts are designed to collect as much interest as possible. Consumers paying the minimum payment continue to pay for decades. The interest accumulated during the years equates to four or more times the original debt balance. Our attorneys recommend different strategies to settle credit card debt. The techniques are far more effective than paying just the minimum payment each month.
Getting an Accurate Assessment of Credit Card Debt
Our attorneys help consumers obtain accurate assessments of their credit card debts. They are familiar with applicable laws that prevent creditors and collection agencies from inflating the total balance owed by the consumer. The inaccuracies are updated on the consumer's credit files, too. Obtaining the correct balance helps consumers settle their credit card debt at a more fair and reasonable value.
How Settlement Offers Work
Our attorneys negotiate with credit card companies to get settlement offers for our clients. Essentially, the settlement offers consist of the lowest value accepted by the creditor. The offers include either a lump sum balance or installments.
The lump sum payments are about 50% less than the original credit card account balance. Our attorneys negotiate to eliminate excessive interest, late charges, and unnecessary finances fees. The consumers pay the debt offer at once.
The installment plans are based on the negotiated balance. The outstanding balance is paid in monthly payments according to the terms of the agreement. The balance is divided without any additional fees, interest, or hidden charges. Our attorneys get a contract to secure the settlement offer for you.
In Florida, credit card accounts present a serious financial hardship for consumers. Unfortunately, thousands of new accounts are opened daily. Credit card companies use the accounts to collect extra money in late fees, interest, and finance fees when consumers cannot afford their excessive payments. Our team of attorneys are available to help you settle these debts more affordably. To find out more about settling credit card debts call the gm law firm phone number right now.