What is debt settlement?
Debt settlement involves negotiating with the credit card companies to reduce the total amount of debt that you owe. A consumer can negotiate their own debt, however this can be time consuming and emotional and in most cases a credit card debt settlement consultant can negotiate a better agreement. Credit card balance do not come down as the credit card companies have high interest rates, apply late fees and only require you to make a minimum payment. At this rate it could take you 20 years to pay off the debt. Debt settlement is a fairly aggressive approach to credit card debt relief. A debt settlement client will immediately notice a substantial reduction in their monthly payments compared to what their minimum monthly (usually interest only) payment was with the credit card companies.