3 Things You Need to Know about Debt Relief in Lawrence, KS
There are dozens of companies out there that advertise how they can get rid of your debt quickly. They often sound too good to be true. Knowing a little bit more about debt relief in general can help you see which companies are being truthful about their services, and which ones are not.
Before you work with third party companies, it is best to try to work out your debts with creditors yourself. It may seem like a daunting task, but you could benefit from it. Working with a debt relief company will help consolidate your debts, but the actions you pay for from the company are the same ones you can do yourself for free. Talk with your creditors to come to an agreement with them. If one cannot be reached, then it may be time to call a company that deals in Debt Relief in Lawrence KS.
Another thing to remember is that you could still end up paying taxes for the credit you settle on your next return, and it will still affect your credit report. A note on your report will read “settled” for up to seven years after initial settlement, affecting your score negatively. Also, if you are settling a debt over $600, you will be paying taxes on the amount eliminated by settling.
The most important thing to note about debt settlement and consolidation is that it takes time. This is the thing these companies will stress in their advertisements, but can be the least truthful. Everyone is different, and everyone’s debt is different. You may be able to work out a solution fairly quickly, but to carry out that plan takes many months of payments and communications with the company you chose to help you. During this waiting game, another important thing to stress is that you open no other lines of credit while paying off your current ones. This will only slow you down.
Make sure that any Debt Relief in Lawrence KS, company you choose is open and forthcoming with the details of what they do and what fees are involved. Be involved and ask questions. This can help you in the long run and truly help you pay off debts faster and easier. Visit the website for more information.