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  1. #1
    wallmann
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    Default Question about debt settlement vs consolidation

    What would be better, credit card consolidation or debt settlement
    where they cut your debt by 40%-60% and stop all interest payments?

    Do you take a hit with consolidation with your credit?

    Thanks
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    Reply With Quote Reply With Quote     Dec 30, 09, 6:14 pm
  2. #2
    Mogul of Pineapples
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    Default

    Not only does debt settlement ruin your credit (they make you default on your bills for months) but they also run up your debt even more (probably by 40 to 60%) with the late fees and default APRs that you get during those months they have you not paying the bills.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.

    Current Cards:     American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
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    Reply With Quote Reply With Quote     Jan 2, 10, 3:50 pm
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