Debt Relief in Dayton, Ohio
The struggle to make ends meet is the norm in American households in the year 2012. Many small businesses, long considered the backbone of the country’s economy, have lost so many customers that closing down has become commonplace. The phrase “living from paycheck to paycheck” takes on a completely new meaning for families who are feeling fortunate to receive even sporadic paychecks. In this atmosphere of uncertainty and worry, using the debt consolidation option has become less a convenience than a necessity. Although consumers are not eligible for government bailouts, a variety of programs are available to help with debt relief in this economic era. Experienced and qualified Dayton debt relief attorneys at Fox & Associates Co., L.P.A. can provide effective counsel during these challenging financial times.
How can the counsel of a Dayton debt relief attorney help?
Declaring personal bankruptcy can have a long-term effect on credit and finances. Certainly, bankruptcy is an option for debt relief, but it is one to be considered as a last resort, used only when all other programs are insufficient. Consumers should first seek the aid of a debt relief specialist who can help families reduce their debt by implementing the following measures:
- Create a complete list of unsecured debts and obligations
- Assess ability to pay off the debt, by allocating a reasonable monthly amount to payments
The credit counselor can then further assist those in debt by:
- Requesting reduced interest rates from creditors
- Working out reduced or eliminated late fees and penalties with the creditor
- Securing more lenient terms of payment for the debtor
Credit card debt settlement arrangements
Debt settlement is another method used for debt consolidation that implements the steps listed above, along with debt counseling. The debtor pays back all that is owed, but the settlement is for far less than is owed to each creditor. This is accomplished by creating a settlement account and directing each monthly payment to that account. A lump sum accumulated payment can then be presented in an offer to the credit card company as a settlement of monies owed. From the credit card company’s perspective, this makes more financial sense than attempting to collect funds from the debtor through a third-party collection agency. A consolidation program, unlike bankruptcy, does not have a negative effect on your credit rating. It is likely to be seen as the debtor’s attempt to make an effort.
Should I see a Dayton debt consolidation attorney?
Several behaviors indicate the need for debt consolidation, including:
- You cannot pay multiple bills
- You make late payments
- You receive late payment calls daily
- You are using credit to pay bills
- You are planning to take a cash advance to pay bills
Find a knowledgeable debt consolidation attorney in Dayton, Ohio
Financial matters require accurate information before making smart decisions. At Fox & Associates Co., L.P.A. in Dayton, our lawyers help people make choices when they’re facing a financial crisis. Contact us today at 937-258-3668 or online for an initial consultation.