 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
|
Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
A more complete debt settlement calculator
|
|
| Georgia |
|
With consumer debt seemingly rising by the day, many people in Georgia are being targeted by advertisements from debt consolidation and consumer credit counseling services in Georgia. Unfortunately, very few people can differentiate between what type of debt management service is being advertised. Even less can figure out whether the company advertising is actually reputable. The goal of PayingPaul.Com is give consumers the information they need to make the decision about what is the best debt solution? In order to do this, one must first become educated about what options are available. There are two main ways to consolidate debt: credit counseling and debt settlement. Credit counseling is typically offered by non profit debt companies. If your situation permits, these organizations may enroll you in a debt management plan, which involves working with credit card companies to reduce your finance charges. Although your plan may be administered by a non-profit, this is no guarantee that there services are legitmate or even affordable. Debt settlement is quite different. These companies will work on your behalf to negotiate a lump sum debt settlement. This means you can pay off your debt for less than what you actually owe. Although the promises these companies offer may be tempting, these programs are risky and a difficult process to go through. When a consumers enrolls in a settlement program, they stop paying their creditors and start saving money each month in a separate bank account until enough funds have accumulated to offer a settlement. Once this happens, the company will contact the creditors and negotiate to get them to agree to accept a lump sum, in many cases for much less than what is owed, to completely satisfy the balance. Unfortunately, because you are past due during the course of the program, your credit will be impacted, and you will experience collection activities, from annoying phone calls and threats to even litigation. Do you want to learn more about how debt consolidation works? Submit a form and let PayingPaul.Com match you with a professional! Georgia Debt Management Regulations
The state of Georgia has been aggressive in protecting its residents from unscrupulous debt companies. The following is an overview of the laws that are in place to ensure that Georgia residents are receiving debt management programs that are affordable and legitimate. Definition Georgia statutes use the term “debt adjusting” to describe the activities of companies “doing business in debt adjustments, budget counseling, debt management, or debt pooling service or holding oneself out, by words of similar import, as providing services to debtors in the management of their debts and contracting with a debtor for a fee to: (A) Effect the adjustment, compromise, or discharge of any account, note, or other indebtedness of the debtor; or (B) Receive from the debtor and disburse to his or her creditors any money or other thing of value.” Fees Under Georgia law, debt consolidation, debt management firms and anyone else operating as a “debt adjuster” is limited in the amount of fees they can charge. The limit is 7.5% of the monthly payment paid to the consumer’s creditors (not including insufficient funds transactions). Exemptions It should be noted that the following entities are exempt under the Georgia law governing “debt adjusting”: -anyone who is “engaged in debt adjustment incurred in the practice of law in the state” (in layman’s terms, this means lawyers licensed in Georgia) - the Federal National Mortgage Association; - the Federal Home Loan Mortgage Corporation; -most banks, credit unions, credit card companies, trust companies, etc. Please feel free to visit this link for more information about the debt laws in this state: http://www.legis.ga.gov/legis/2003_04/search/hb385.htm Having Problems Are you having problems with a debt consolidator and you weren’t able to resolve it on your own? Follow this link to file a complaint (WARNING: PDF). Again, by no means is this a complete review of the laws surrounding debt consolidation and credit counseling in Georgia. PayingPaul.Com also makes no guarantees about the accuracy of anything contained herein. For legal advice, please consult an attorney. Debt Agencies in Georgia CCCS of Southwest Georgia Albany, GA 31701 CCCS of Southwest Georgia Americus, GA 31709 CCCS of Greater Atlanta, Inc. Atlanta, GA 30303-7662 CCCS of Greater Atlanta, Inc. Atlanta, GA 30303 CCCS of the Central Savannah River Area Augusta, GA 30904 CCCS of the Savannah Area, Inc. Brunswick, GA 30520 Partnership for Famileis, Children and Adults, Inc./CCCS Division Calhoun, GA 30701 CCCS of West Georgia/East Alabama Columbus, GA 31902 Partnership for Families, Children and Adults, Inc./CCCS Division Dalton, GA 30720 CCCS of Greater Atlanta, Inc. Decatur, GA 30030 CCCS of Greater Atlanta, Inc. Douglasville, GA 30135 CCCS of Greater Atlanta, Inc. Duluth, GA 30096 CCCS of Greater Atlanta, Inc. Duluth, GA 30097 CCCS of Greater Atlanta, Inc. Gainesville, GA 30501 CCCS of the Savannah Area, Inc. Hinesville, GA 31313 CCCS of West Georgia/East Alabama LaGrange, GA 30241 CCCS of Middle Georgia, Inc. Macon, GA 31201 CCCS of Greater Atlanta, Inc. Marietta, GA 30067 CCCS of the Savannah Area, Inc. Rincon, GA 31322 CCCS of Greater Atlanta, Inc. Rome, GA 30165 CCCS of the Savannah Area, Inc. Savannah, GA 31406 CCCS of the Savannah Area, Inc. Statesboro, GA 30458 CCCS of Greater Atlanta, Inc. Stockbridge, GA 3021 CCCS of Southwest Georgia Tifton, GA 31794 CCCS of Southwest Georgia Valdosta, GA 31062 CCCS of Middle Georgia, Inc. Warner Robins, GA 31093 CCCS of Jacksonville (Family Foundations) Waycross, GA 31501 Other Resources Filing Bankruptcy in Georgia Bankruptcy Laws in Georgia Debt Collection in Georgia |
Featured Articles
|
Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
If, however, a... |
The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |