Debt Settlement is not a good option!!!

iVillage Member
Registered: 07-05-2006
Debt Settlement is not a good option!!!
Sun, 01-11-2009 - 6:18pm

#1 - it ruins your credit (I know, it ruined mine)
#2 - They absolutely do nothing for you (I know - I was sued by a creditor and then told that my debt settlement company only contacted them twice and that they do not negotiate with these companies)
#3 - They take your money when you are already in debt (I know, they took mine)
#4 - There are services out there that are non-profit like the Consumer Credit Counseling Service and they will not take your money, give you free advice and help you find the best way to get rid of your debt...for FREE!
#5 If you settle a debt, it will be a negative on your credit report for a long time.

I have settled debt and although it seemed the best alternative at the time, I really wish I would have been better educated about my options. I regret it...

DebtCounselor, the people on this board are very intelligent and we have all been around the loop. Debt Settlement companies are finally being shown for what they truly are...a scam! I don't think you're going to find anyone interested in Debt Settlement here.