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Best Debt Settlement

Choosing the best debt settlement program.

When you owe a lot of money to a lot of creditors, finding the best debt settlement program is a top priority. Debt settlement companies promise to help you wipe out your debt for some percentage of what you owe. While the prospect of spending a few hundred dollars to eliminate thousands of dollars in debt sounds great, in practice, the debt settlement process is rarely so easy. In fact, the best debt settlement offers you can get may only save you a little money while trashing your credit rating for years to come.

Before you go searching for the best debt settlement company, it's wise to take a good look at debt settlement pros and cons to make sure you are making the right decision.

What is the best debt settlement outcome?

Here's how debt settlement works: after hiring a debt settlement company, you'll stop making payments to your creditors and you'll instead save that money in an account with the debt settlement agency. After several months, when your accounts have become quite overdue, the agency will approach your creditors and offer to settle your debt for some portion of what you actually owe.

Is debt settlement a good idea? There are many risks to even the best debt settlement program. Your creditors are not required to settle your debt, and if you stop paying your bills they may choose to sue you or send a collections company after you, putting you in even greater financial jeopardy. Even if your best debt settlement offer is accepted, you'll owe a large fee to the settlement agency and you'll have to pay taxes on any amount of debt forgiven.

Most importantly, even with the best debt settlement terms, your credit rating will be severely damaged, and you'll likely have trouble getting loans, applying for credit cards, renting an apartment or getting a mortgage for many years.

That's why, when you're looking for the best debt settlement process, it's helpful to speak with a certified financial professional first to explore all the options available to you.

Consult with an ACCC professional about the best debt settlement strategy.

American Consumer Credit Counseling (ACCC) is a nonprofit organization dedicated to helping consumers like you get out of debt as soon as possible and learn to live debt-free in the future. We offer free credit counseling services where you can speak to an expert in managing debt. After evaluating your financial situation, we'll help you understand all the strategies available to you for paying down your debt, and assist in finding the best debt settlement, debt consolidation, or debt management program based on your financial objectives. We can answer questions like "How does debt settlement affect my credit?" and "What are the pros and cons of a debt management plan vs debt settlement vs bankruptcy?" And our counselors can direct you to social service referrals and educational materials that can help you learn to manage money more effectively to reach your financial goals.

American Consumer Credit Counseling (ACCC) is one of the top non profit debt consolidation companies in the U.S., with more than 22 years' experience helping individuals and families consolidate credit card debt and improve their credit management skills. If you're wondering "How does debt consolidation work?" and "How can I consolidate my bills?", we can provide you with debt consolidation information to show you exactly how we can help you consolidate debt without having to borrow money or pay steep fees. If you're considering bankruptcy, we are also one of the approved credit counseling agencies for issuing a pre-bankruptcy certificate as well as providing the post-bankruptcy credit counseling course.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member