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Should I switch to debt settlement program?

I am working with a consolidation company at present. The consultant told me that it will take around 3 years to pay off my debt. I don’t want to wait for such a long period of time. I am thinking to switch to a debt settlement program. Am I taking the right decision?

Asked on Tue, 08/02/2011 - 12:05
anonymous
2 Answers

Sally....do you know anything about the impact of debt consolidation on a credit score???  It tanks your credit score since you are not paying as agreed!!!!

To the original poster...you didnt get into debt overnight, so dont expect to get out of it overnight.  Both come with risks.  However if you decide to settle, do not waste your money on a debt settlement program....do it yourself!  Do your research and save yourself a lot of money!

 

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Answered on Sat, 08/06/2011 - 09:09
SOAPLADY

I don’t think so. This is because debt settlement hurts your credit score. On the contrary debt consolidation doesn’t have any negative impact on your credit score. It helps you replace your multiple bills into a single monthly payment.

Answered on Tue, 08/02/2011 - 12:23
sally.nachelle

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