Category: Debt

More often than not, financial struggles lead to poor decision making. If you are seeking to minimize your debt, it’s important to first understand how debt settlement works. Many debt settlement companies offer to reduce your debt by negotiating with your creditors but they don’t really explain how it will impact your credit score in the long run. Let’s evaluate some of the pros and cons of debt settlement to help you determine if this option is right for you.

Debt settlement is the process of offering a large, one-time payment toward an existing debt in return for the forgiveness of the remaining balance. This can be done by hiring a debt settlement company that takes your monthly payments and puts them into a savings account. Once the account [...]