Debt relief in Los Angeles can be a harrowing process to go through. While going through your debt consolidation process, you might find yourself facing more debt than you initially expected. Living in Los Angeles isn’t cheap, and student loans, mortgages, and other forms of debt could pile up quicker than you expected!
Luckily for you, there are numerous ways to deal with debt that are stress-free and objectively good for your credit.
Read on to find out:
Spot The Signs Early
Before you go looking for the best debt consolidation plans for your loans in Los Angeles, it’s best to recognize signs that you need help!
If you can relate to any of these, seek help immediately:
- You use a large or increasingly large portion of your income to pay debt monthly.
- You can only make the minimum debt payments you need every month.
- Money intended for other things ends up going to bills.
- Your credit card’s balance is always near its limit or surpassing it.
- You need to use savings to pay bills.
- You’ve been contacted by your debt collector or credit card company regarding payments.
- You are putting off medical visits because of the cost.
- You will be in financial trouble immediately if you and/or your partner lose your jobs.
- Thinking about money stresses you out constantly.
Find Out How Debt Settlement Works
The good thing about pursuing debt settlement is that your creditors might actually thank you for it. Most would much rather payments amounting than less of the principal amount owed versus losing everything in a bankruptcy proceeding.
So how exactly does debt settlement work? It involves looking at your unsecured personal debt accounts and paying less than the balance owed (or principal). This is a much faster and more secure way of handling your debt, as long as the amount you need to pay is negotiated properly with your creditor.
Look At The Track Record Of The Debt Relief Organizations You’re Looking At
When trying to approach an organization, ask them how many individuals they’ve helped and if they have public reviews of their services up for them to look at. Even though they might seem credible at first, you’ll want to trust firsthand experiences that are readily available to review before you end up going with the first debt relief organization you’re looking at.
Apart from a solid track record, you might want to ask them if they provide free, accessible finance education materials that can help their clients get back on track. Plus points to consider also include their capacity to provide one-on-one counseling to their clients, whether it be in-person or via online conferencing tools like Zoom.
The more accessible they seem to be to the people who need it the most, the more you can trust them with your most pressing debt concerns.
Try Looking Up Credit Counseling Or Debt Management Solutions
Credit counseling agencies offer programs that will let you make a single monthly payment to them. They will then distribute your money to your creditors on your behalf, negotiating lower interest rates so you can pay off your debt faster. You will need to pay back 100% of your debt plus any accrued interest using this method, but you will consider yourself free from your debts within 3-5 years, or depending on the agency’s promise.
Completion rates for this method are quite low in Los Angeles, so make sure you only turn to it if:
- You trust the credit counseling agency wholeheartedly, and
- You are 100% confident that you can complete payments for your debt, plus interest.
Talk To Us Today To Learn More!
The Law Office of R. Grace Rodriguez is managed by a licensed bankruptcy lawyer based in Los Angeles, who specializes in all kinds of solutions available to those who are dealing with bankruptcy and/or are seeking debt relief.
Our assistance covers Chapter 7 and 13 bankruptcy as consumers and Chapter 11 bankruptcy for an individual or business.
All of our lawyers are committed to stand by you throughout the legal process and beyond to ensure the best possible future for your financial freedom. Visit our website or contact us at 818-734-7223.