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.
The promise to wipe out your debt may seem like a dream come true as living debt free is the goal of many consumers. But the debt relief industry is like all other industries; there are some good players and some bad players. Beware of schemes that claim your debt can be eliminated, you could…
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