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  "I'd rather go to bed without supper than rise in debt." Ben Franklin
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TASC

Franklin Debt Relief, LLC is a member of (TASC) The Association of Settlement Companies. This trade association has developed a standardized industry disclosure for consumers.
 


 

Need Debt Relief?
Call Today: (877) 274-1260
 
Start here for
debt relief
  • Reduce debt by up to 50%
  • Be debt free in as little as 12-30 months
  • Lower your monthly payment by up to 50%
  • Make one simple monthly payment
  • Don’t risk your home or other personal property if you miss a payment
  • Don’t pay service fees unless our program saves you money
  • Reduce your stress and get a “New Deal”

Determining Whether You Need Debt Relief

The first step in any plan to reduce debt should be figuring out your income and expenses. By knowing exactly where your money is going, you’ll be able to effectively budget your monthly income. Also, by listing your expenses in relation to your income, you’ll be able to gauge how healthy you are financially. Listed below is what percentage of your monthly income should be dedicated to different expenses:

Housing (rent, mortgage, and miscellaneous expenses associated with the upkeep of your home): 35%

Transportation (lease or loan payments, insurance, gas, public transportation fares, etc): 20%

Other (groceries, medical, miscellaneous monthly expenses): 20%

Debt (unsecured debt and student loans): 15%

Savings (investments, 401(k), IRA contribution, etc.): 10%

If any area of your spending does not fall in line with the above proportions, you should consider how you can cut back on your expenses to make your personal financial picture healthier. Some consumers who are seeking debt relief give more than 30 percent of their monthly income to credit card companies just to make the minimum payments. If you fall under this category, debt settlement, also known as debt negotiation, is probably a worthwhile solution to consider. With that much of your income going to minimum payments, your top priority should be to reduce debt and avoid bankruptcy.

According to recent studies, Americans saved negative 1 percent of their income last year. In other words, most consumers are spending all of their income and then borrowing or dipping into savings. This is the lowest rate since the Great Depression. How does this effect debt relief? Since most consumers don’t have any savings, a financial hardship like divorce, medical issues, or a reduction in income can cause their debt burden to be completely overwhelming.

If you would like to learn more about our credit card debt reduction service, please feel free to call (877) 274-1260 or fill out a form and we’ll contact you as soon as possible.

 
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