Should I Consider Debt Settlement As A Form Of Debt Relief?

Wednesday, Oct 30, 13

If you listen to the radio as you sit in traffic, it would seem anyone with credit card debt should sign up for debt settlement as a method of obtaining debt relief from their credit cards. The truth of the matter, one should only seek debt settlement as a method of debt relief when they are faced with financial hardship and can’t afford to pay the debt they incurred.

Financial hardship comes in many forms. It can be as simple as poor budgeting where you overspend and before you know it, you created such a deep mound of debt you can’t afford your payments. Loss of employment, lower income, additional debt from health costs, divorce and unplanned expenses are all common attributes which lead to financial hardship. If you are experiencing problems affording your credit cards, debt settlement is one option to consider.

How does it work? Let’s face it, nothing comes without a price. Debt Settlement does exactly what it is named. It is a professional service who negotiates settlements on your unsecured debts providing you debt relief. No debt settlement company has a magic wand or a relationship with your creditors to make special backroom discounts. Your creditor will not offer any type of settlement unless the account is past due. Going delinquent on an account makes your credit score and credit rating suffer, hence the price you pay to get out of debt.

Is it worth letting my credit suffer to get out of debt? Well, if you are having a true financial hardship, your credit is or soon will be suffering anyway. I personally would never tell someone to quit paying their bills but if you truly can’t afford to make the payments, debt settlement may be a good option to consider. assists its clients with debt options. If you are looking for a quick and easy way to avoid paying the debts you can afford, I suggest looking elsewhere. If you’re having a hard time paying your bills and need real solutions, can assist you.

About the Author

Credit Reporting / Scoring Expert, Chris McConville is the President of Credit Education at and founder of where he works as an Expert Credit Witness in both Federal and State Court. With working in the credit and mortgage fields since 1991, he’s dedicated to sharing his knowledge to educate consumers.

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