«
»

Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How about credit score?

I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

This entry was posted on Saturday, July 17th, 2010 at 1:04 am and is filed under Debt Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How about credit score?”


  1. Do you really believe those commercials that say there is a secret way to get out of debt that creditors do not want you to know about?

    If you do not pay your debts or settle for less than the amount owed, it trashes your credit score as it rightfully should. So beware of any that take your money, keep their cut without paying your creditors, and then try to settle for less. Many creditors do not fall for that and will still sue you for a court judgment (which gives them other methods to get their money from you).


  2. Debt settlement companies are giving you what they call a quasi bankruptcy if you can’t pay your bills. They go negotiate a lower payment with the credit card companies and then tack on a huge monthly fee for the privilege of helping you out. You’d be better off to just file Chapter 13.


  3. Stay far away from debt settlement companies. They take your money and let all your accounts go 90 days past due. Then the offer lowball settlements under threat that you will file bankruptcy. Not only does this completely trash your credit, but most credit card companies refuse to play and will immediately sue you. The settlement company won’t be helping with that lawsuit either.


  4. Do not fall for these debt consolidation scams. The debt will still be there and also are your spending habits that got you there in the first place. You won’t get yourself out of debt by borrowing. The only true way to get out of debt is to change your habits. One way is to get yourself enrolled in a good debt reduction program. There are many good ones to choose from. Sometimes it can be hard to choose the best one for you. You can visit the web site below for reviews of some of the best ones.

Powered by Yahoo! Answers