Debt Settlement Strategies

Debt settlement strategies involve negotiating with your creditors to reduce the total amount you owe, often in exchange for a lump-sum payment. The goal is to pay less than your full debt, helping you become debt-free faster and more affordably. This process typically requires stopping regular payments, which can impact your credit score, and involves working with a settlement company or directly negotiating. It’s important to carefully consider the risks and potential effects on credit before choosing debt settlement, and it’s often best suited for those facing significant financial hardship.