Do you have a mountain of debt that you just can’t seem to get rid of? Have you fallen behind on payments and it has ruined your credit? Don’t worry, you are not alone. In fact the average person in the United States has almost $6,000 in credit card debt. Perhaps you have much more than this and are looking to get things back in financial order. There is hope and we will show you how to get out of debt with no money and bad credit.
You could try to cut expenses, sell your personal items and pick up a side job but sometimes these things are just not enough. Rather than living frugally for years on end you might want to consider working with a professional debt settlement company.
How Does a Debt Settlement Company Work?
A legitimate debt relief company will work hard for you, negotiate with your creditors and get your balances significantly reduced. Does this sound too good to be true? Well, it isn’t. Now a debt settlement company does not work for free, they will charge for their services. The title of this article was how to get out of debt with no money and bad credit, so how does this fit in? Well, the right debt settlement company will not charge you upfront nor charge you a monthly fee.
The company that we have personally vetted and recommend is Curadebt. They charge a fair rate of 20% of your total debt for their services. You will not have to pay this fee until they have negotiated a heavily discounted amount and you agree to the terms. Also, once you have negotiated all of your debts down you will more than likely consolidate all of the remaining balances into one payment. Curadebt will then add on their fee within the new lump payment. Having one payment will make paying your bills much easier and convenient.
So How Much Money Can I Save Using a Debt Relief Company?
Each individual’s situation is unique and there is not exact amount that Curadebt can guarantee they will be able to settle for. With this being said, they have been in business for more than two decades and have a good understanding of the industry. The amount you will be left with paying will usually be around 10 to 45% of the original amount depending on the type of creditor you are negotiating with.
Once you come to an agreed upon amount the creditor will send our a debt settlement letter. You will look it over and sign the new arrangement.
What Are The Downsides To Using a Debt Settlement Company?
Debt settlement is not perfect for everyone. It will damage your credit. Although, if you have missed a few payments the damage has already been done. Curadebt will work with you once the program is complete to help build your credit back up and raise your credit score. They will develop a solid game plan specific for your needs. As mentioned earlier, they do charge a fee for their services. You could go on your own, contact the credit card companies yourself and try to negotiate a better deal. At Sunbeam Financial, we suggest letting this go to the pros.
Curadebt will more than likely be able to negotiate much better terms and an overall lower amount than you will be able to do on your own. We consider them kind of like a realtor. History has shown that the average home sale is higher with a good realtor than with a home owner that tries to sell his home for sale by owner. The same is true in this industry. You should try to get a reputable company to represent you when negotiating with your creditors.
Aside from getting several part time jobs and side gigs, debt settlement is probably the best way to get back on your feet. Hopefully, we successfully answered how to get out of debt with no money and bad credit. It is a situation no one likes to be in. Unfortunately, we come across this problem on a daily basis. That is why we are here to help guide you in the right direction.
If you have any questions about the Curadebt program or would like to schedule a free financial analysis with one of their counselors then click on the link below to get started.
