Debt settlement is, simply put, hiring a debt settlement company to help negotiate lower payoffs on personal loans, collections, and open accounts like credit cards.
Sometimes these companies misleadingly advertise their services as a way to consolidate debt — or “debt consolidation,” — but make no bones about it, this is not a When you hire a debt settlement company you are hiring them to negotiate with your lenders on your behalf.
If you are swimming in debt, you’re bound to start looking for a way out.
That is why we will explain the process to you clearly so you know what steps to take.
Furthermore it can be manipulated by adjusting the loan term/length.
While good consolidation loan can lower your financial burden slightly, the real debt solution for most people is to change the habits—refrain in buying, start saving, live within or below your means.
However, the truth isn’t quite as simple as all that.
Debt settlement isn’t without pitfalls and consequences — and it isn’t for everyone.
Carrying a load of debt can easily feel like you’re going through life with a black cloud hanging over your head.