Should I work with the debt relief company calling me?

A debt relief company often calls me regarding a credit card debt. The company representative tells me that they will settle my debt on my behalf. My total debt amount is around $ 50,000. It will be very helpful for me if the debt amount is reduced to around $25,000. My question is, should I get help from this company? Will it affect my credit? Thanks

2 Answers

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Yes, you can get help from this company. But, you will have to make sure that all the terms and conditions of the debt relief company will be in a written agreement. Otherwise, they can change their word at any time. Debt settlement will hurt your credit score adversely. So, I will suggest you to consider all the pros and cons of this agreement. You can also get help of a debt consolidation or debt management program etc.

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Debt settlement affects your credit score. But then your debt burden gets reduced as you repay consistently. In the long run, your credit score is bound to improve if you don't add more to your debt. Make sure you develop a proper budget and stick to it for improvement.

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