Ask The Get Out of Debt Experts Debt Settlement

Should I Use a Debt Settlement Company?

“Dear Steve,

Have a total of $74,000 debt to 5 different credit companies. My mortgage payments went double because of variable rate. I am current with my payments. Cannot pay my credit bills anymore. I want to settle with them. I can borrow around $ 22,000 from close relatives and selling some stuff. My questions are first should I use a settlement company or do it myself. Second, every settlement company I research there are bad and good reviews about them. Which one should I choose and how?

My questions are first should I use a settlement company or do it myself. Second, every settlement company I research there are bad and good reviews about them. Which one should I choose and how?

Emad”

Dear Emad,

Only being able to afford an overall settlement of 29% of your debt is not a realistic expectation. Also keep in mind that settling will result in bad credit, potentially being sued, and a large bill due the IRS for forgiven debt.

If what you are trying to do is keep your house but repay your debt based on what you can afford that bankruptcy might be your best bet. Click here to find a local bankruptcy attorney and go discuss it with them.

If you want to discuss if debt settlement is right for you, talk to Damon Day. He’s a straight shooter and can honestly answer questions for you about debt settlement.

Or, if you don’t want to talk to Damon Day and there is a particular debt settlement company you are thinking of using, let me know and I’d be happy to research and review them for you.

morehelp1 Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

READ  Should I Go With Debt Settlement to Deal With My Debt? - Deborah



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

Scroll to Top
%d bloggers like this: