Should I Go With Debt Settlement to Deal With My Debt? – Deborah

“Dear Steve,

i am thinking of going with a debt settlment company as i have alot of credit card debt that i cant afford to pay im just making min. payments and the credit card companies will not neogitate with me…i dont know what to do…ive heard of the horror stories with debt settlment companies yet a friend of mine is enrolled in one and two of her cards have been settled for substantially less than she owed in a years time shes been w/her program but yet another friend has a judgement against so im very confused…any advice would be so much appreciated…thanks Steve.

Which way should i go, should i go with a debt settlment company or just keep doing what Im doing…..


Dear Deborah,

Ultimately the choice of the solution to pursue to deal with your debt needs to include a number of factors. It’s not either purely an academic or emotional decision but rather a combination of both.

The mistake people tend to make is one of hyperbolic discounting. Meaning, they apply knee-jerk reactions to solutions to make a problem feel like it will go away quickly rather than looking ahead to see how to best tackle the issue to set the person up for future financial success.

I’d suggest the first stop should be to take a look at the online How to Get Out of Debt Calculator and come to a conclusion about which strategy appears to meet your goals.

On top of that I think regardless how you feel about bankruptcy, you should click here to find a local bankruptcy attorney and get a free consultation about your specific situation.

Armed with both this general and specific knowledge you will be able to make a better and more informed decision about which approach is right for you and your situation.

The mistake many make is applying good or bad qualities to the various get out of debt solutions. Debt settlement is like a 10mm wrench. It’s the best choice if you need to loosen a 10mm bolt but not go good for a 14mm bolt. What I’m trying to get at here is that the hunt right now should be about the the best tool for the situation.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

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