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Should I Eliminate My Debt With Debt Settlement or a Debt Negotiator?

Written by Steve Rhode

“Dear Steve,

I am looking for help to get my debts in order. I owe approx. $30,000 (9) credit cards, (1) loan. The accounts are all closed and are shown as being charge offs.

I don’t know if I should go the Debt Settlement route or Debt Negotiator route. I’m starting to get phone calls and letters from these creditors who I have not heard from in 2-3 years. Please let me know what you would suggest.


Dear Sue,

It really depends on your personal situation. If you want to put this behind you in less than 90 days for the least amount of money then the legal power of bankruptcy should be your first consideration. You can rebuild your credit quickly afterwards.

Ironically, those that file bankruptcy do better than those that limp along for years. Sound familiar?

Bankruptcy would stop all collection calls as well.

You could think about settling the debt but if that means you’d have to raid your retirement funds for lump sum payments then the math might not add up.

Debt settlement can be a good strategy for people who have the cash on hand to settle but it is not a be all or end all solution. The better option, before you pick any solution, would be to do your research and consider all your options.

Checkout my get out of debt calculator for some help.

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

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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.

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