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DESPERATE DEBTORS: THE TRUTH ABOUT DEBT SETTLEMENT PROGRAMS THAT WILL SHOCK YOU!
WILL YOU GET BURNED BY DEBT RELIEF? FIND OUT NOW!
Struggling with mountains of debt? You’re not alone! Millions are clamoring for a lifeline, and debt settlement programs seem to be the magic wand everyone is waving. But are they really the golden ticket? According to jaw-dropping stats, three out of four participants score serious savings through these programs! ⚡️
HOW DOES THE DEBT SETTLEMENT GAME WORK?
It’s simple! You stash cash in a savings account while the debt saviors you hire swoop in to negotiate with your creditors. But wait—hold off on those payments! That’s the key to giving your negotiators the upper hand!
But here’s the BIG QUESTION: How much do these programs REALLY save you, and how long will it take to escape the clutches of debt? Get ready for the truth!
AVERAGE SETTLEMENT TIMELINE: A GRUELING 4 YEARS!
Buckle up, because the timeline for debt settlement could take a while! It’s a rollercoaster that lasts approximately FOUR years! 🎢
- Total Debt Amount: Big debts take longer to negotiate, with companies usually waiting until you save 20% of what you owe.
- Type of Settlement: Want to score a quick deal? Consider payment plans!
- Accounts Enrolled: The average client juggles SEVEN debts!
- Your Deposits Matter: Make those monthly deposits on time to speed things along!
- Creditor Cooperation: Not all creditors play nice! Some won’t negotiate at all.
Typically, you’ll snag your first settlement offer in just FOUR to FIVE months, but after that? It’s a long wait as each debt must be handled one at a time!
AVERAGE SETTLEMENT AMOUNT: YOU’RE STILL PAYING 32%!
Surprise! If you think you’ll walk away from this debt battle unscathed, think again! On average, you’ll end up saving about 32% after crippling fees.
Shockingly, 25% of folks can’t settle a SINGLE debt. How’s that for luck?
DEBT SETTLEMENT FEES: A WHOPPING $762 PER DEBT!
Heads up, future debt warriors! You’ll only pay fees after accepting settlements, but beware! Companies typically charge between 15% to 25% of the total debt. The average cost per settled debt? A staggering $762, which is 17% of the total settlement amount!
Don’t sweat the fees just yet—they’re rolled into your monthly savings plan. Still, it adds up!
HIDDEN COSTS THAT CAN HIT YOU HARD!
Don’t let those debt settlement companies fool you—they may only charge one fee, but there are SEVERAL hidden costs you can’t ignore!
- Taxes: Yep, you heard it right! You might owe taxes on that forgiven amount.
- Legal Fees: Creditors can come for you—seriously! Legal fees can stack up if you’re not careful!
- Credit Damage: Missing payments can tank your credit score, making life a living hell when you try to borrow again!
- Late Fees and Interest: Unpaid debts will keep growing, adding average penalties of $494!
- Program Account Fees: You’ll be hit with monthly charges from banks—up to $480 if you stick with the program for the average four years!
THE FINAL RECKONING: ONLY AN 18% SAVINGS!
After crunching the numbers—brace yourself—the average debt relief client comes out with a measly 18% savings on ALL their debt! For instance, if you started with a whopping $27,756, you might end up saving about $5,082. But wait! This doesn’t even include interests or taxes!
So, before you dive headfirst into debt settlement, tread carefully! Is it really worth the headache? Don’t let desperation drive you—you could be facing MORE than you bargained for! 💥
photo credit: money.com
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