Has anyone here used a credit settlement company before? I’m considering either that or bankruptcy to get debt-free and then never finance anything again—ever. Any experiences or advice would be greatly appreciated.
A successful settlement can help improve your credit score over time, but initially, it might hurt your score a bit.
Yeah, many people have tried credit settlement companies. But before you jump in, it’s good to know the pros and cons.
These companies talk to your creditors to try to lower your debt. You make monthly payments to them, and they pay your creditors with that money.
Possible Benefits: They can really cut down your debt and, over time, help boost your credit score.
The negative part is that taking several years to finish, might hurt your credit score at first, and you could end up with extra fees and interest charges.