Debt Settlement can be a great alternative to Bankruptcy for consumers facing financial hardship. Neither Debt Settlement nor Bankruptcy should be considered as an alternative to avoid paying the debt you incurred. However, both of these programs can yield great benefits if you truly are having a hard time paying you bills and you need assistance in getting out of debt.
Debt Settlement helps consumers with excessive unsecured debts that are facing financial to Bankruptcy. Unlike a Chapter 7 Bankruptcy, in Debt Settlement, you actually settle your debts, often times for pennies on the dollar. Once the debt is settled, your creditors or debt collectors will update your credit report to reflect a 0 balance.
When choosing a Debt Settlement company, be VERY careful. Make sure the Debt Settlement Company only charges their fees after a debt is successfully settled. Many Debt Settlement companies charge all their fees up front and this really is the worst case scenario for consumers attempting to get out of debt. It’s normal for companies to have fees for services performed, just make sure you don’t get charged before the services are performed. I’ve heard many horror stories from people who paid all the fees upfront and then the Debt Settlement Company failed to provide the settlement your debts at a 99% discount, your expectations would be unrealistic and you will not benefit from this type of program.
Cure My Score provides free quotes to consumers who are struggling with excessive debt. For a free quote, fill out the form on the right.
Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at CureMyScore.com and founder of myexpertcreditwitness.com where he works as an Expert Credit Witness work in both Federal and State Court. With more than 20 years experience working in credit along with his extensive past Mortgage Originating career, he’s dedicated to sharing his knowledge to educating consumers.
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