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Can I Use a Debt Settlement Program if I Have Excellent Credit? – Bonita


“Dear Steve,

Is there a debt consolidation program, or debt settlement program, that you can use if you have an excellent credit rating still, but are deeply in debt from credit cards without it affecting your credit? I’m talking $40,000 in debt.




Dear Bonita,

It does not matter what your credit score is when you begin to use a debt management or debt settlement company.

The services of a credit counseling group, debt management, debt consolidation or debt settlement can all bring your score down.

There is no free lunch. If you are going to a third-party and asking them to negotiate for reduced or special payments it is a clear indication that you are having problems and it should be noted on your credit report.

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About Steve Rhode

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.
  • sam

    I need to know if my wife and I should file bankruptcy or seek debt counseling in order to avoid loosing our home.

    • Steve Rhode

      I don’t know.

      What’s your situation?


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