Video: Pros and Cons of a Credit Card Debt Settlement or Negotiation
Our video series, Credit in 60 Seconds, was created to help people like you. People who are busy, but want to make sure they stay on the right track with their credit and finances. This video tackles the topic of credit card debt and what happens if you’re in the positions of deciding between a debt settlement and negotiation.
This video includes information about:
- How settling a debt for less than you owe could hurt your credit score.
- There are important factors to consider before moving forward with a debt settlement or negotiation.
If you are running out of options, a debt settlement can remove debt from your credit report and help you allocate money to other necessary areas of your budget.
Before you get behind, paying your bills on time is one of the best things you can do to keep your finances and credit on track. Also, when you budget money to put aside, your emergency fund could help you if you get in a tight spot and find yourself close to falling behind.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc., an Experian company. © 2014 ConsumerInfo.com, Inc. All rights reserved.