Debt settlement, also called d or debt resolution, is a process where you or your representative negotiate with your unsecured creditors to forgive a part of your debt.
Results can vary widely, but frequently you save between 40% to 60% of what you owe. Upon reaching an agreement, you pay the reduced, agreed-upon sum. In some cases, you will pay this settled balance in payments over a structured period. More frequently, you pay off the reduced balance in a lump-sum amount.
Debt settlement can be an excellent solution to your debt problems. If you carry more than $10,000 in unsecured debt and struggle with, or are unable to make, your monthly payments, consider debt settlement. A negotiated settlement can significantly reduce your debt, but it will impact your credit score. It is not a smooth experience for everyone. However, debt settlement offers a low monthly program payment, sizable debt savings, and short time to debt freedom. As the saying goes, "there's no gain without some pain."
