debt settlement pros and cons

Debt settlement????? Talk to me about it….?

Does anyone have any opinions or experiences that they have encountered with debt settlement? I want to know what the pros and cons are for signing up for such programs as Consumer credit or Precept financial solutions.

Credit counseling services are worse than bankruptcy as far as your credit rating goes. Simply stated when you use a credit counselor you are telling the world “I can’t handle my own finances!” Would you lend money to someone who made that statement? Neither would I. Someone earlier stated it’s better to deal with the credit companies yourself. That’s true, but remember while they may offer you the chance to “settle” your account for less than you owe, it’s better to agree to pay the full amount. Arrange a payment timetable that you can afford and don’t miss a single payment. Most companies will freeze your account until you reach a certain level, and while that may sound bad but it IS better than closing it completely. Bottom line, take control of your spending and debt and work with those you owe and your credit will become better over time.