The short answer: no! The process of debt relief is not only completely legitimate but also an excellent option for those who feel as though they are drowning in their debt. Debt relief through a debt settlement company can lower your overall debt, help you avoid bankruptcy, and give you a fresh start.
These organizations employ experienced specialists who are often able to negotiate a better repayment plan or settle to reduce your debt to one lump-sum payment that’s less than the amount you currently owe. While you can do this on your own, many experts suggest working with a debt settlement company to contact your creditors on your behalf.
That’s why we’re here to settle the matter once and for all and answer the question, “Is debt relief a scam?” Read on to find out! What Is Debt Relief?ĭebt relief, or “debt settlement,” is the process of resolving unsecured debt by negotiating down the overall amount owed with creditors and paying the new agreed-upon amount in one lump sum. With so many decisions to make, it can be difficult to separate fact from fiction. However, there’s been a rise in news reports about less-than-reputable parties advertising “debt relief” services as a way to take advantage of people looking for help. There are many options, companies, and services to choose from, especially when it comes to debt relief. When struggling with debt, you may be overwhelmed by where to begin when tackling it.
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