So, what are the pros and cons of debt relief, or debt settlement?
Let’s start with the pros. Settling your debts through a debt relief, or debt settlement company could resolve your debts in a shorter amount of time.
When you enroll into a debt relief or debt settlement company, they negotiate down your debts on your behalf with your creditors, so that way you can settle your debts for less.
Nothing happens overnight, however, in a few short years, or even months, you may be able to have your debts resolved and paid off for good.
Settling your debts may be a better option than filing bankruptcy, depending on where you’re at financially.
Everyone’s financial situation is different, so that would be something that you would have to talk with a debt expert about to make sure that debt relief or debt settlement is the right option for you.
In a debt relief or debt settlement program, you typically have one lower monthly payment that you can afford to pay, and throughout the program, when you resolve your debts, you’re settling your debts typically for less.
Okay, so here are the cons. Debt settlement could negatively impact your credit, however, if you have a high debt-to-income ratio, that may already be keeping you from getting a loan, even if you have a good credit score. You may be charged a fee if your debts are settled.
A debt relief company is not able to charge you an up-front fee. However, if your debts are settled and you’re using their negotiators and their program, then you may be charged a fee for settling your debts.
Debt settlement and debt relief companies should not charge you a fee until they have reached a settlement agreement that you have agreed to. However, they are still a business and you’re using their top negotiators to settle down your debts with your creditors for less.
Although, you can settle your debts on your own without a fee, going with the right debt relief or debt settlement company that can get you results, may be worth it.
If you’re in financial hardship, debt relief or debt settlement may be a good option for you because you can settle your debts for less and in less time. Your credit, however, may take a slight impact, but once you resolve all your debts, you can start rebuilding your credit again and start fresh.
Thank you for watching, feel free to like, comment, or share on this video below. And if you want more information about if debt relief or debt settlement is the right option for you, visit us on our website at alleviatefinancial.com.
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Don't listen to this idiot. You can negotiate with the dept collector without paying a fee to a company
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nice clear explaination
thank you for that information!