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Do you know how low a credit score goes down from good after the debt settlement procedure is put into place?

The negative effects of debt settlement on your credit score are severe and typically last for several years after you emerge from debt. This is why debt settlement is primarily considered by people who really have no choice other than bankruptcy. However, often people who enter a debt settlement program have already damaged their credit scores due to past due bills and without help it will only get worse.

The truth is once a person’s debt load reaches a tipping point the monthly payments start to grow beyond what they can afford due to penalties and revolving debt. You can’t get ahead making minimum payments. It spirals and quickly can become unmanageable forcing you to take drastic actions like turning to debt settlement. Doing so is understandable given a desperate situation but your credit score suffers and will likely hinder your financial future in terms of getting loans for several years.

You have to weigh that tradeoff and make your best decision. Best to you. Thanks.