Is Debt Settlement a Good Idea?

We’ve all heard the advertisements:  “Pay pennies on the dollar!”  “Get out of debt fast!”  “You’d be crazy not to do this!”  I have always known that these services weren’t good, but I never knew why.  Finding out has been on my To Do list for quite some time.  Thankfully, Stacy Johnson at Wisebread has done the research for me.  This article is fascinating and seems to hit on every aspect of debt settlement companies.  I encourage you to read it and share what you learn with others.

About the Author

Kate Horrell
Kate Horrell is a military financial coach, mom of four teens, and Navy spouse. She has a background in taxes and mortgage banking, and a trove of experience helping other military families with their money. Follow her on twitter @realKateHorrell.
  • Personal debt settlement would seem to be known as a potential strategic option for consumers dealing with debt. I’ve been tracking the debt consolidation market very closely and it is very difficult to to define what you are getting for the investment in debt settlement. I am personally aware there are a number of debt settlement companies out in the market that deliver great debt solutions and the customers truely receive great benefit, but I have also heard there are a large group of debt consolidation providers available today that are focused on collecting fees and enrolling new clients. This is obviosly why we are seeing brand new regulation regarding the debt consolidation industry. My cousin contracted a debt negotiation operation and is honestly very super happy with the overall results.