Recently I had the opportunity to listen to a local radio personality talk about the process of debt settlement (debt negotiation). While listening to this so-called financial expert I became rather frustrated due to some very relevant omissions in his message.
Allow me to take a few moments to cover some concerns people may have regarding debt settlement and the consequences those who follow this path may face. For instance, the radio personality to whom I was listening was adamant about warning his listeners that their credit score would no doubt take a beating and be reduced significantly. Is this the truth? Yes if youve been paying your bills on time for several years and you decide to enter into a debt settlement program, your credit score will be negatively impacted.
It makes no sense, but creditors arent interested in negotiating your debt (or even willing to work with you) until youre several months delinquent, which will obviously have an affect on your credit score. But, theres a very good chance that your credit score isnt as high as you may think it is if youre carrying high balances, or have had even one late payment.
If youre concerned with...
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