YOUR CREDIT CARD OUTLET

debt settlement options?

I have been looking into paying off my large credit card debt.I have read up on many debt settlement companys.I have not followed through on anything yet.I am a little concerned on how they work and would love to get some feed back from someone who has done it.They claim to have you debt free in 3 years by working on lump sum payoff options per credit card.1 card is paid completly off at a time as you work your way down to your last one and from there your debt free sounds good to me.They somehow work your balances off to be a much lower amount by removing interest and changing interest rate I guess.please let me know if this is something I should be looking into to pay off my very large debt which at this time the minimum payments stretch me out to the MAX!!!! HELP!!!!

All I can say is “Use Caution” when going this route. There are many that promise lots of things, but in reality ruin your credit for some time.
The Federal Trade Commission (FTC) cautions consumers to read between the lines when faced with ads in newspapers, magazines, or even telephone directories that say:

“Consolidate your bills into one monthly payment without borrowing.”
“STOP credit harassment, foreclosures, repossessions, tax levies, and garnishments.”
“Keep Your Property.”
“Wipe out your debts! Consolidate your bills! How? By using the protection and assistance provided by federal law. For once, let the law work for you!”
You’ll find out later that such phrases often involve filing for bankruptcy relief, which can hurt your credit and cost you attorneys’ fees.
If you’re having trouble paying your bills, You would be better off if you contact a credit counseling service. These organizations work with you and your creditors to develop debt repayment plans. Such plans require you to deposit money each month with the counseling service. The service then pays your creditors. Some nonprofit organizations charge little or nothing for their services.

Do your research first before doing anything else

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

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