If you're in debt, you might be looking into a few different options to help get you out. Debt Settlement is one of those options and could work for you, if you understand the pros and cons of it first.
Pros: You could end up paying less than you owe, you may no longer show an open delinquent item on your credit report, and more.
Cons: Your debt may be listed on your credit report as settled instead of paid in full, your forgiven debts could be taxable, and more.
Search on your favorite search engine to find out more information on the Pros and Cons of Debt Settlement so that you can determine whether debt settlement might be an option for you; or if debt management or other options are best. Good Luck!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.