Credit card debt settlement services are quickly becoming
one of the most popular methods used by consumers to resolve serious credit card debt problems. Debt settlement programs are designed to help consumers avoid personal bankruptcy yet be able to still have a “fresh financial start” in a relatively short period of time. Most debt settlement companies design debt settlement programs which take anywhere from 6 – 42 months to complete. Typically a minimum of $10,000 in unsecured debts is required to qualify for these types of debt settlement services.

The primary goal of credit card debt settlement services is to “settle” your unsecured debts for “less than you owe”, offering a reduced amount to each of your unsecured creditors. Debt settlement companies normally handle this credit card debt negotiation one creditor at a time until all of the debts have been settled. Credit card debt negotiation services can also assist with many other types of unsecured debts and are not limited to just credit card debt problems. If you are seeking debt settlement for personal unsecured loans, dept store cards, collection accounts, or even medical and hospital bills, this too can be accomplished as part of your overall debt settlement program. Our participating tax firm also provides IRS tax debt settlement services for past due IRS taxes. There is actually a method to settle your IRS debt for less than you owe, called Offer in Compromise.

Debt settlement is a much more aggressive approach to reducing credit card debt than credit counseling programs. It is faster because the full balance owed to the creditor is “negotiated down” to a mutually agreed upon, reduced amount before payment is remitted. Therefore, it takes less time to complete a debt settlement program. Although debt settlement is a faster approach to credit card debt reduction, there are disadvantages to debt negotiation and settlement. Be certain to request that debt settlement information during your consultation.