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Debt settlement is an agreement made between a creditor and a consumer in which the total debt balance owed is reduced and/or fees are waived, and the reduced debt amount is paid in a lump sum instead of revolving monthly.
Debt settlement is when your debt is settled for less than what you currently owe, with the promise that you’ll pay the amount settled for in full.
Sometimes known as debt relief or debt adjustment, debt settlement is usually handled by a third-party company, although you could do it by yourself. Not all lenders accept debt settlements, and there are some instances where it could cause more financial harm than good.
Some of the benefits we have for debt settlement are:
The balance owed is reduced, sometimes by as much as 50%
It’s a way to avoid bankruptcy for those who can pay the settlement amount.
Once the debt is paid off, debt collectors or collection agencies will stop calling.
It’s possible for a person’s debt to reach a point that they just can’t pay it off. Often there’s a good reason – a layoff or reduction in pay, big medical bills, an unexpected emergency expense. No matter what the reason, it can be difficult to get out from under overwhelming debt on your own. This is particularly true for credit card debt or other revolving debt, that never seems to decrease, even if you’re paying monthly.
Debt settlement can offer a solution, though, as you’ve already read above, it should be approached carefully. A debt settlement company can work with your creditors to accept a smaller amount than what you owed.
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