Do you find yourself buying more and more credit cards only to find yourself in debt? Then credit counseling/credit settlement could be for you. Credit counseling is a professional company that helps you repay your debt. There are pros and cons of credit counseling. One pro is that you will they can cut your debt in half or even less, but the con is that the credit card company can sue you. Therefore it is very important to choose the right reputable company if you choose to do credit counseling on your credit cards.
Costly Credit Counseling
Hiring a professional can be pretty expensive, but with the massive amount of money they could save you, I find it very worth it. Debt settlement companies will say they can get you out of debt in a couple of months, and some say they can cut your debt in half.
The Works of Credit Settlement – What You Do
You call a debt settlement company and you tell them about your hard situation. You will tell them how much money you owe, whether it’s ten thousand dollars or even half a million, they will be able to work with you. The debt settlement company will tell you how much they can take off your debt and your new monthly payment who you will pay to the professional each month.
What the Debt Settlement Companies Do
You will pay monthly to your debt settlement company and your money will go into an account. When you have a certain amount of money in the account, your debt settlement company will call your creditors and negotiate a settlement.
Why Credit Settlement Is Bad
After credit settlement, it will take a few months to even a few years until you can be approved for unsecured credit.