What’s Debt Settlement And What Does it Mean For Me?

Debt settlement is an alternative to bankruptcy and the goal is to overall debt for a lump sum settlement for less than the balance due to each of your creditors.

Debt Settlement

Debt Settlement

Unfortunately, debt settlement is often unsuccessful because you have to pay a large upfront fee which can be as high 25% to 35% of the total forgiven debt.

That’s only when companies negotiate with your creditors, but they don’t always have your best interest at heart. Unfortunately, not all creditors will work with debt settlement companies.

Debt settlement is just one of the many options including credit counseling and bankruptcy that might help you regain control of your financial situation.

 

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