Debt Settlement
Eliminate Credit Card Debt • Avoid Bankruptcy • Consolidate Payments
What is Debt Settlement?
Debt settlement is a process that allows you to pay off debt fast by paying a single lump sum that is lower than the total amount you owe. Settlements are achieved through negotiation between lenders and consumers or a third-party debt settlement company.
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Are You Eligible?
You might be eligible for debt settlement if you have over $10,000 in debt. Using this debt solution, you can avoid filing for bankruptcy.
How Long Does it Take?
Debt settlement may eliminate debt in as few as 2-4 years. With other debt options, paying off debt can take up to 9 years.
How Much Can You Save?
By using debt settlement to pay off debt fast, you’ll avoid accruing interest and increasing debt over time – saving you hundreds.
How Does Debt Settlement Work?
Debt Settlement helps you negotiate what you owe into something you can afford to pay. This debt solution allows you – or a third-party settlement company – to pay your lender in full at a lower cost than your original amount owed. This single, lump-sum payment will help you eliminate your debt faster and guarantee that the lender is paid.
Our coaches will guide you in finding the right debt solution to reduce your debt, lower stress, and reach your goals by achieving financial wellness.
This Debt Solution Allows You to:
- Reduce Debt
- Get Debt Free Faster
- Consolidate Debt Payments
- Avoid Bankruptcy
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Benefits of Debt Settlement
In addition to reducing stress about your financial situation, debt settlement plans offer a number of benefits, including:
Lower amounts owed
Debt paid off fast
Avoiding bankruptcy
Effects of Debt Settlement
Debt settlement programs can have several effects on your credit and financial situation, including:
Impacted credit scores
Increased taxable income
Fees from third-party settlement companies
Impacted credit history
More Debt Solutions
An alternative to a debt settlement plan is a Debt Management Plan (DMP). Credit.org offers these debt management plans to qualifying clients looking to pay off debt faster by consolidating multiple monthly payments into one convenient monthly payment.
Does Credit.org Offer Debt Settlements?
Credit.org does not negotiate with creditors to settle your debts for an amount less than you owe. Instead, you are provided the education needed to help you understand what negotiating a settlement would entail, how to write a debt settlement letter, and how a settlement may affect your credit. Contact us to learn more about how we can help you be debt free!
Can credit.org help me improve my credit?
Our certified financial coaches educate you on your personal credit report results, offer suggestions for improvements and answer your questions.
How will debt settlement affect my credit?
Debt settlement may lower your credit score temporarily. However, continued payments and an active credit history will improve your score over time. Work with a certified Credit Counselor to learn what debt solution is right for you.
