Credit card settlement process
Is the credit card settlement process right for you?
When you have high credit card balances and need help with debt problems, you may be tempted to consider a credit card settlement process to pay down what you owe. In the credit card settlement process, you negotiate with credit card companies and ask them to settle your debt in exchange for a lump sum payment that is something less than the amount you actually owe.
While it sounds appealing, the credit card settlement process is not without risk. The debt settlement and debt consolidation business is a highly questionable one, with many companies that prey on individuals desperate to pay off debt. Even when working with a legitimate company, you may have to make large upfront deposits or pay significant fees before any work is done on your behalf. Furthermore, the credit card settlement process may leave your credit rating in shambles.
If you're interested in learning more about the credit card settlement process and other ways of paying off debt, consult with the professional credit counselors at American Consumer Credit Counseling (ACCC). In addition to free credit counseling, you'll receive objective advice about the credit card settlement process, debt consolidation rates and the most effective ways to pay off what you owe.
Get helpful advice about the credit card settlement process.
ACCC is a nonprofit organization that has been providing help for people in debt for more than two decades. We offer free credit counseling sessions where you'll work with a highly trained professional to review your finances, talk through your financial goals and make a reasonable plan for paying off your debt.
Our counselors will help you understand all of the options at your disposal — from a credit card settlement process to consolidation loans and debt management plans. Our team of experts can help you determine which approach is best for you based on your income, assets, expenses and level of debt.
Debt management vs. the credit card settlement process
When considering the best way to get out of debt quickly, many of our clients find that a debt management plan is more effective than a credit card settlement process. In a debt management plan, you'll write just one check per month to ACCC and we'll pay each of your creditors on your behalf. This helps to simplify your finances and make it easier to stay on top of payments. It also lets us be in touch with your creditors to seek possible reductions in finance charges and interest rates and to eliminate over-limit charges, late fees and other charges that can make it harder to pay off your debts. Our minimal fees for a debt management plan are among the lowest in the industry.