Is Debt Settlement Right for you?
Posted by Century Support Services on Aug 25, 2020
As a type of debt relief, debt settlement involves negotiating with creditors to offer payment on a debt in exchange for a reduction in the total debt amount. Because consumers can reduce what they owe to discharge their debt faster, they also have the chance to free themselves of future interest charges and repair potentially damaged credit sooner. Qualified consumers may find that debt settlement provides them the cheapest solution to resolving unmanageable debt.
Find out how debt settlement works, if it’s a good option for you, and how you can get help settling your debt.
How Debt Settlement Works
Debt settlement can be helpful for people who struggle to keep up with monthly payments. Naturally, debt settlement companies may differ, and you’re wise to look into how the program works before committing.
This is a three-step process that you can expect:
Evaluation & Enrollment: Our Certified Debt Specialists will provide a free, no-obligation financial assessment to make sure you understand how the program works. We will also personalize your debt relief program to fit your needs.
We Get to Work: With your reserve account growing, we start negotiating with your creditors. Working on your behalf, to obtain the best settlements, for your program SUCCESS.
Live Your Life! With your program complete and the stress of overwhelming debt gone, you can start living your best life once again.
Is Debt Settlement Right for You?
Is debt settlement a good idea for you? Any high-quality debt settlement company will know that their solutions benefit many people but will not provide the best solution for others.
In general, people who benefit:
Have multiple payments to make and find it a struggle to pay them
Have recently suffered such hardships as health issues or job losses that made it difficult or impossible to keep up with debt obligations.
Typically, people who have less than $5,000 of debt won’t benefit from debt settlement. Also, if people only have house and car payments (secured debts) or only one source of debt, they should probably look into other options.
Is Debt Settlement Risky?
People can benefit from debt settlement, but they should always understand that credit scores may be affected. Many consumers are already experiencing less than optimal credit scores, with delinquent debt accounts, when they seek out debt relief. With debt settlement program strategies in place, a client can experience a negative impact on their credit score. By resolving these debts through the proven program strategies, they have the opportunity to take back control and rebuild any possible reductions in their credit score.
Also, highly experienced and trustworthy debt settlement companies like Century, only charge fees after they successfully negotiate debt. You should always remain wary of any company that wants to charge a fee before they perform their services.
When considering debt settlement, one of the best ways to cut down on risk is to take time to research companies and learn how various programs work before committing to any debt settlement service.
Learn How Century Can Help
Is debt settlement worth it? A 2017 study from the American Fair Credit Council found that typical, qualified consumers saved $2.64 for each dollar they spent in fees. With that said, everybody needs to ensure they’re well-qualified for this solution and working with a high quality, ethical debt settlement service. Depending upon the situation and the amount and kind of debt, debt settlement can work out to be the cheapest solution.
To learn more, take a free assessment from Century to receive your personalized plan.
Consumers who choose to move ahead can count on Century to negotiate debt and provide a variety of support during the process.