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In These Poor Economic Times We’d Like to Settle Our Debt. – James

“Dear Damon,

My wife and i have about 20 k in cc debit. we have the money to pay the the balance in full but in this economic environment we don’t want to release that much cash.

How would we go about reaching a settlement with theses company’s or should we even try?


Hey James,

Well that is a good question. Whether or not you should try is not a question I can answer without knowing anything about your situation. The short answer to how you settle with a creditor is stop paying, wait awhile, then negotiate.

That being said, I wouldn’t recommend a consumer just blindly stop paying and hope for the best. Every creditor is different and you could leave quite a bit of money on the table if you don’t have current information about their policies. You can certainly negotiate directly with your creditors without hiring a settlement company if you wish, but at minimum I recommend getting someone that can coach you through the process.

If you would like to discuss the options with me have me help you determine whether or not you should roll the dice and jump into settlement, please contact me through my website to set up a consultation.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at

If you have a debt related question you’d like to ask, just use the online form.

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About Damon Day

Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at

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