While getting out of debt sounds great, consumers using debt settlement companies often fail to realize the dangers. You may be able to reduce your debt but the negative impact on your credit scores may not be worth it.
Once a debt is sold to a collection agency you have a chance to settle the debt for a lesser amount, often pennies on the dollar. Most debt collectors just want the money asap.
Some have criticized the CFPB as an unnecessary bureaucracy but they cannot argue the fact that consumers have benefited from settlements negotiated by the CFPB