Risks of Debt Settlement
As with any strategy to make or save money, debt settlement carries some risks. First of all, there is no guarantee that you will be able to rid yourself of 50% or more of your debt. In some cases, you may only be able to save 20% to 30% (although that is far better than nothing). Secondly, your credit score will lower in exchange for your creditors lowering your debts. That said, though, you will not qualify to have your debt settled if previously you have been able to make your payments on time. If, however, you have been missing payments, your credit score will have already suffered, so a little sacrifice for the greater good of your credit is no worse.
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