Alabama (AL) Debt Relief | Useful Solutions To Your Financial Burden With CuraDebt
Do you live in the Yellowhammer state and struggle with debt? Have you struggled to find the right help when you need it most?
Fortunately, our Alabama debt relief program may just be a perfect fit for you.
While in such a fragile and vulnerable situation, debt companies and professionals do their best to prey and take advantage of those who need help the most.
Well, you’re in luck. With CuraDebt, we act as a safe haven to guide you to help you truly succeed.
CuraDebt is the most trusted debt consolidation company with over two decades of experience! Our unmatched expertise with properly licensed agents makes us a one-stop shop to cure you of your debt woes.
Founded in 1998, we started expanding nationally in 2000. Our goal has always been to help individuals overcome their debt woes and struggles. Over 20 years of experience has helped us save our clients millions and more importantly, remain financially free.
Get a lifetime of debt expertise and learn more about how we can help you here.
Table of contents
- Alabama (AL) Debt Relief | Useful Solutions To Your Financial Burden With CuraDebt
- Debt Statistics – Alabama
- Alabama Consumer Protection Laws
- The Most Effective Debt Relief Options For You
- Debt that is included in Debt Settlement Programs in Alabama
- Debt that is not included In Debt Settlement Programs in Alabama
- Debt that is included In Tax Debt Relief in Alabama
- Debt included in Business Debt Relief Programs In Alabama
- Top Cities in Alabama Where You Can Find Debt Settlement
- What are the different options you have for debt relief In Alabama?
- Debt Relief Alabama FAQs
- What Makes CuraDebt One of the Best Debt Settlement Companies in Alabama:
Debt Statistics – Alabama
It’s not uncommon to suffer from debt issues, especially in Alabama.
The state suffers from some of the worst poverty, ranking as the nation’s sixth or seventh poorest state (depending on the metric used).
In 2021, the median household income came to $56,929. In comparison to the average national household income in 2021, just over $70,000, Alabama residents earned around $14,000 less than the national income.
According to Experian, in 2021, Alabama residents’ average credit score ranked on the lower end of the scale of average credit score ratings in the U.S., scoring an average FICO score of 691. Just consider the average national credit score of 714, that’s over a 20-point difference!
In 2021, Alabama witnessed the highest personal bankruptcy filing rate among all 50 states and the numbers are growing every year. For reference, in Alabama 296.44 inhabitants per 100,000 filed for personal bankruptcy, compared to Alaska which had the lowest personal bankruptcy filing rate, 29.75 inhabitants per 100,000.
Debt comes with stress, burnout, poor performance, irritation, anxiety, and additional life obstacles. Additionally, it’s not uncommon to feel overwhelmed by the amount of debt incurred and the seeming futility of the debt repayment process. This condition, known as Debt Fatigue, may result in a debtor giving up on making loan payments and overspending again.
If you are experiencing debt fatigue and want to fix it, consider Debt Relief with CuraDebt. Forget your debt issues, make your Debt Relief journey smoother, and take control of your financial situation.
Alabama Consumer Protection Laws
Alabama citizens are protected from abusive and harassing debt collectors under the Fair Debt Collection Practices Act (FDCPA). The FDCPA is a federal law that prioritizes consumer safety and ensures no one is harassed or ripped off their basic rights by debt collection companies. It protects consumers from illegal debt-collection tactics and provides limitations on what debt collectors can do when collecting certain types of debt.
The FDCPA is only applicable to the collection of debt obtained by a consumer mainly for personal, family, or household purposes. It is not applicable to the collection of corporate debt, business-related debt, or agricultural use.
If you have experienced disturbing phone calls from creditors, speak with a counselor at CuraDebt. At CuraDebt, our goal is to ensure you get your rights. We will be your advocate in defending you against illegal debt-collection tactics.
The Most Effective Debt Relief Options For You
Debt Settlement: What is it and how how does it work?
Debt settlement is the procedure of negotiating with your creditors to pay less than the full amount that you owe, based on your available funds each month.
Debt Settlement is also referred to as debt relief or debt adjustment, and it is typically managed by a third-party company, however, if necessary you can do it yourself. Debt settlement options are very helpful, but truly require guidance from a professional. Most importantly, people have been effectively using debt settlement programs for many years.
At CuraDebt, we help to guide the relationship between the lenders and creditors for your debt. We are with you every step of the way and will educate you, communicate with you, and advocate on your behalf. If you are unable to pay the full amount, the professional expertise of CuraDebt can help to reduce some burden.
CuraDebt will use its decades of background and expertise to help you get the best possible debt terms. As you can see on our Google Reviews, our clients have incredible things to say about our team and our expertise!
With expert help and guidance from a company like CuraDebt, the path to success is much easier. The benefits of a sound debt settlement plan include:
- Get relief from devastating debts
- Avoid bankruptcy
- Pay off your debt quickly
- Lowering of interest rates
Factors Affecting Debt Settlement
The final saving after debt settlement lies on a lot of factors including:
- Details about the outstanding debt
- Reason(s) for requesting debt settlement (unexpected loss, unemployment termination, etc)
- Current financial situation
- Financial history
- Work experience
- The age of the debt
Debt that is included in Debt Settlement Programs in Alabama
- Personal cards (credit cards)
- Department store credit cards
- Car repossession (repo)
- Credit unions
- Old accounts in the collection
- Signature loans
- Personal lines of credit
- Private student loans
- Car repossession (repo)
- Medical and healthcare debt
- All other types of unsecured debt (ask us if you are unsure!)
Debt that is not included In Debt Settlement Programs in Alabama
- Car loans
- Credit Union debts
- Federal student loans
- Home mortgages
- Some other secured debts
- Some Medical / Hospital bills
Debt that is included In Tax Debt Relief in Alabama
- State Taxes
- Federal Taxes
- Payable Taxes
- Taxes from a spouse you feel you don’t owe
- Audit Tax Assessment
- Other Types of Tax Debts
If you have incurred tax debts, CuraDebt will guide you in the right direction and assist you with these types of tax payments.
Debt included in Business Debt Relief Programs In Alabama
- Business Expense Debt
- Various lines of credit
- Merchant Cash Advance
- Other types of loans, that are not secured by the property
CuraDebt understands the value of your business. CuraDebt will help your business with these types of debt.
Top Cities in Alabama Where You Can Find Debt Settlement
- Mountain Brook
- Vestavia Hills
In addition to the above-mentioned cities, we ensure access and guidance to all locations and cities in Alabama.
What are the different options you have for debt relief In Alabama?
Before giving up and getting stressed, check some of the options that can best suit you.
- Make consecutive monthly minimum payments
Most major credit cards have an option to pay a monthly minimum. This is a very common option and is quite tempting.
However, the most common issues with making minimum payments are:
- You will pay more interest
- You will continue to build on your debt and dig a deeper hole
- Your credit score will be affected
There’s a reason credit card companies request monthly fees – they believe consumers can only handle fees for one month of living expenses!
After a few months, the accumulated fee will make it harder for you to get out of debt. Also, as the interest rate rises, getting debt-free will take far longer.
In short, this option may seem tempting but it has long-term repercussions!
- Balance Transfer of Payments
Many love the idea of balancing transfers, initially. Quite simply, you take the card you have a high credit line on, open up a new credit card and transfer the balance from one credit card to a new one. This is typically done because people want to move the amount they owe to a credit card with a significantly lower interest rate and receive benefits such as cash-back rewards or points.
Balance transfer credit card offers typically come with an interest-free introductory period of 6-18 months, and some can even be longer. If you breach the agreement with the cardholder, you can potentially revoke the introductory Annual Percentage Rate (APR) and cause penalty rates to be applied.
When you take on new loans, you have no previous payment history. This puts you in a tight spot to be consistent with payments.
This may even give an illusion of fraud to lenders and lead to a worse situation. So, balance transfers aren’t a good option.
- Alabama Non-Profit Credit Counseling Or Debt Management Programs (DMP)
DMP is actually very similar to Debt Settlement Programs, however DMPs are managed by non-profit credit counseling companies, whereas Debt Settlement Programs are for-profit.
In DMP, the non-profit organization aims to reduce your interest rates and accrued fees or lower your monthly payments by negotiating with your creditors. Unlike debt settlement, you still pay off the principal amount, so your credit score doesn’t take a hit. Credit counselors will work with you and teach you management skills to use towards handling your money and also create a budgeting plan.
DMPs typically won’t include your secured debts (such as auto loans, mortgages or home equity loans) and some types of unsecured loans (such as student loans). Guidance can be offered by credit counselors but you’ll usually have to handle those payments yourself.
Additionally, any credit cards that you include in the DMP, you will need to close which will ultimately decrease your access to credit throughout the month. Your creditors may also watch your credit reports and force you to stop using credit cards that aren’t part of the DMP, while you’re involved in the program.
Therefore, DMPs may not be the best option for you.
- Alabama Unsecured Debt Consolidation Loan
An unsecured debt consolidation loan allows you to combine all of your debts into one single debt. Instead of making the standard individual payments to multiple cards or lenders each month, you bundle them into just one payment from one lender. This is usually a lower interest rate than what you would see on one of your credit cards. Unsecured debts are personal debts with no physical collateral. Some examples of this would be medical bills, student loans or credit cards.
Suppose you are given the option to pay just one loan instead of multiple loans and credit cards.
Wouldn’t it be easier for you to pay just one bill monthly, that’s also at a lower interest rate?
Consolidating debt is a good idea when debt payments are getting out of hand and you can no longer manage multiple payments.
Unsecured debt consolidation comes with a lot of disadvantages.
Debt Consolidation companies are mostly inconsiderate of your hardships and try to make money on your hardships. They employ high fees to take out a loan and are often more aggressive than your current debt collectors.
With unfavorable conditions written in fine print, they can dodge customer concerns. These conditions entitle them to increase interest rates which leads to even worse debt.
- Alabama Secured Debt Consolidation Loan
Secured loans for debt consolidation are loans backed by collateral such as a mortgage or auto loan. If you own a home, a car, or other types of physical property, you can apply for a secured loan against it.
This is highly risky since if you default on your payments due to any circumstances, the lender can repossess your property and sell it. That can leave you without a home or vehicle.
However, if this is done with professional help like CuraDebt, you can get some room to breathe. With the lowest interest rates and highest savings, CuraDebt will come to your rescue.
- File for Bankruptcy
Often the last option for any person is to declare bankruptcy. If your income is less than the median income of your state, Chapter 7 bankruptcy will be applicable.
If your income is more than the median income of your state, but you still can not manage to pay back the debt, Chapter 13 bankruptcy will be applicable.
If your business is unable to repay its debt and is on the verge of insolvency, It will fall under Chapter 11 bankruptcy.
Bankruptcy is the last possible and least preferable solution. Before making any decision to declare bankruptcy, you should discuss it with a professional – where you understand the ramifications that may stay with you for decades.
Debt Relief Alabama FAQs
How long can a lender go after you to collect debt in Alabama?
Sealed Contracts in Alabama have a statute of limitation of 10 years. Written and oral contracts have a statute of limitation of 6 years.
Do you qualify for debt settlement in Alabama?
This program is specifically made for people going through hardships, like loss of income or unexpected expenses.
Are you suffering from debt issues and having to pay minimum payments regularly? Are you still struggling under debt, which has grown beyond what you imagined?
To see if you qualify, speak with a counselor at CuraDebt. We will create an estimate of your cash flow to see if you qualify for this program. We will get you a free estimate of your savings on the debt relief program.
CuraDebt will work for you and make your debt settlement extremely cost-effective. With CuraDebt, we help you become debt-free 2-3x faster than normal!
How Much Does Debt Consolidation Cost?
There are many types of debt relief programs available in Alabama, each with different terms and conditions. The short answer is – it depends.
Everyone’s price truly does depend on their financial history, debt, and CuraDebt audit. While we cannot say an exact answer – we encourage you to to reach out to us and learn more about how we can help you.
With unmatched service, CuraDebt gives you the best competitive rates. Most importantly, CuraDebt’s Debt Relief Program does not require an upfront fee and we provide you various options – letting you select which is best for you.
What Makes CuraDebt One of the Best Debt Settlement Companies in Alabama:
- We’ve helped settle millions of dollars of debt
- CuraDebt is one of the oldest and most experienced companies.
- We are IAPDA and BSI certified.
- We provide free saving estimates and create a plan specifically modeled toward your needs.
- No hidden charges. Honesty and integrity are what we stand for.
- Our success rate is high because client satisfaction and happiness are the main mission at CuraDebt.
- Over 1000+ reviews and a 5-star rating on Customer Lobby
- With a 4.9 star average on Shopper approved, we are the most trusted company by people across the USA.
- 140+ Google reviews with an average of 4.8-star ratings
- CuraDebt is a Good Standing Member of the Online Business Bureau, American Fair Credit Council, US Chamber of Commerce, and AFCC.
- Getting our clients the best possible settlement with creditors is something we know how to do.
- We help settle debts quickly. We’re incredibly efficient and cost-effective as well. Our top-notch customer service ensures to address any queries or concerns our clients may have.
With CuraDebt, you are in the right hands. With satisfied customers and zero complaints, we are confident that we are the best in our industry. We are more resourceful than any competitor in the market and help you at every step along the way.
Get rid of your high-interest-rate debt and create a debt-free future with us.
Call 877-850-3328 for a free consultation now!