JG Wentworth is a well-known debt settlement company that offers to help individuals resolve their unsecured debts by negotiating with creditors to accept less than the full amount owed. The process involves enrolling eligible debts into their program, stopping direct payments to creditors, and instead making monthly deposits into a dedicated account controlled by JG Wentworth. Once enough funds have accumulated, the company’s negotiators attempt to settle the debts one by one.

However, it’s crucial to understand the costs and risks associated with JG Wentworth’s debt relief services. The company typically charges a fee ranging from 18-25% of the total enrolled debt balance, which is in addition to the money needed to pay the settled amounts to creditors. Moreover, there are significant risks to consider, such as the possibility of creditors escalating collection efforts, charging late fees and interest, or even filing lawsuits. Enrolling in the program also has a severe negative impact on credit scores, as debts become delinquent when payments are stopped.

While JG Wentworth is a well-established company, their debt settlement services are essentially the same as those offered by other similar providers. Before committing to their program, it’s essential to thoroughly assess one’s financial situation, consider all available options, and consult with an unbiased expert like a nonprofit credit counselor. Debt settlement should generally be considered a last resort, as it comes with substantial costs and risks that may outweigh the potential benefits for many people. Exploring alternatives such as credit counseling, debt management plans, or direct negotiation with creditors may be more suitable depending on individual circumstances.

If you want more information about debt consolidation, consider these videos:
? 5 things to do before taking a debt consolidation loan: https://youtu.be/XBG16DePCRM
? Credit card debt consolidation calculator: https://youtu.be/hvLv0TGiGqQ
? When to consolidate your credit card debt: https://youtu.be/WgZp4adLHdw
? How to consolidate credit card debt: https://youtu.be/xANMwJs_5Dw

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What’s in this video:
00:00 – Introduction
00:12 – How debt settlement works
00:46 – What debt settlement costs
01:10 – Risks to debt settlement
01:39 – Financial example of debt settlement
02:12 – Other options
02:31 – Is JG Wentworth a reputable company?
02:49 – My advice

#creditcarddebt #debtrelief #debtsettlement #debtmanagement #personalfinance

JG Wentworth credit card debt
Credit card debt relief program
Credit card debt settlement

Hello and welcome to another episode of Supermarket Simulator!

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Watch as Founder & CEO of Meerkat, David O’Brien unpacks the criteria you need to meet to qualify for debt review removal in South Africa.
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Americans are carrying more than $1.2 trillion in credit card debt, and for a lot of people, it’s not from splurging. It’s everyday stuff: car repairs, medical bills, groceries. And if you only make the minimum payment, that debt can grow exponentially, sticking around for years.

The average credit card interest rate today is close to 20%, nearly doubling since 2010. So what’s driving these high rates?

Part of it is the broader economy. When the Federal Reserve raises rates to fight inflation, credit card APRs usually go up too. But that’s not the whole story.

Credit cards are unsecured loans, meaning there’s no house or car to repossess if you don’t pay. And Americans have become more and more reliant on credit cards as wages stagnate and health care costs continue to rise.

Read more about how credit card interest rates are impacting everyone:

Why did my interest rate go up on my credit card? | Bankrate https://www.bankrate.com/credit-cards/news/what-to-do-after-card-apr-increase/

Why are credit card interest rates so high? | Nerd Wallet https://www.nerdwallet.com/credit-cards/learn/credit-card-interest-rates-high

Why is your credit card rate so high? | Wharton https://knowledge.wharton.upenn.edu/article/why-is-your-credit-card-rate-so-high/

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Pierce Atwood bankruptcy attorney Sonia Buck explains how many collection matters can be resolved efficiently through mediation, settlement, or summary judgment and often without the need for full litigation. By focusing on practical outcomes and the debtor’s ability to pay, Pierce Atwood helps clients pursue recovery in a streamlined, cost-effective way.

Many South Africans find themselves facing the issue of debt. And having to face the music by tackling the money they owe could see some need debt counselling. Paul Slot, president of the Debt counsellors association joins CNBC Africa for more.

One way to get ahead of debt is to borrow in the form of a debt consolidation loan. But before you go down this road, there’s something you need to do first.

Here is exactly how you can pay off debt fast, and how to save money as easily as possible – Enjoy! Add me on Instagram: GPStephan

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We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand:

FIRST: Understand EXACTLY what debt you have.
Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying.

SECOND: Track all of your spending over the next 30 days
You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month – and then, how much is LEAVING IT

1. The first is Mint.com
2. My second recommendation that I’ve used is PersonalCapital.com
3. And third, you could also use a software called YouNeedABudget

The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going.

THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST

Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL.

Then, the other expense column will be your WANT TO SPEND…this could be anything else.

FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category.
I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money.

FIFTH: Look into debt consolidation
In addition to this, you could also look into getting a 0% interest credit card – and transferring the credit card balance to THAT card to save on the interest.

SIX: PAY OFF DEBT
The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY.
This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off.

The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it.

My recommendation is to check out the Vertex calculator…
https://www.vertex42.com/Calculators/debt-reduction-calculator.html

SEVENTH: Pick up a side hustle
Sorry to be super obvious here, but if you literally don’t make enough – it doesn’t matter how much you save, you need to make more money.

And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY!

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com