If you are receiving unsolicited phone calls from an entity pretending to be ACCC (a trusted non-profit credit counseling agency), please be assured that ACCC’s policy is NEVER to contact you unless you’ve explicitly requested us to call you. Also be cautious of emails from an unusual or unfamiliar domain. ACCC’s domain extension is @consumercredit.com, and any emails using a different extension should be treated with suspicion.


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ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.

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How does debt settlement work – Useful FAQ’s

Not all creditors will accept a settlement, and some may opt to take legal action instead. Debt settlement might appear as a viable solution for debt relief, its potential negative impacts on your finances should be carefully considered.



Q: What are debt settlement companies and what do they promise?

A: Debt settlement companies offer solutions for people heavily in debt, promising to erase their debt for a fraction of what is owed.

Q: Could you explain how the process of debt settlement works?

A: In a debt settlement arrangement, instead of paying your creditors, you start depositing money into a savings account managed by a US debt settlement agency. After some months when your debts have piled up, the agency will negotiate with your creditors, offering to settle your debt with a lump sum that is less than the total amount owed.

Q: What should I know before entering a debt settlement agreement?

A: It’s crucial to understand the potential downsides of debt settlement. Organizations like American Consumer Credit Counseling (ACCC) provide free credit counseling sessions to explore your debt payment options.

Q: How does debt settlement work specifically for credit card debt?

A: The process remains the same. You stop paying your credit card company and offer a lump sum payment after some time.

Q: What if my creditors don’t accept the debt settlement offer?

A: Creditors are not obliged to accept a debt settlement offer. They may decide to take you to court or refer your case to a collection’s agency.

Q: Are there any tax implications for a successful debt settlement?

A: Yes, you’ll likely have to pay taxes on the portion of your debt that was written off by your creditors.

Q: How does debt settlement affect my credit rating?

A: Debt settlement can significantly impact your credit score because it involves ceasing payments on your debts. This may restrict you from applying for credit, renting an apartment, or buying a car for many years.

Q: How does debt settlement compare with debt management?

A: Debt management is often recommended over debt settlement by credit counselors at ACCC. With a debt management plan, you don’t default on your loans or bills, so your credit rating isn’t affected. You also get help with budgeting and learning good financial habits for the future.

Q: How does debt settlement compare to other debt relief strategies like bankruptcy or debt consolidation?

A: Each debt relief strategy, whether it’s bankruptcy, settlement, or consolidation, has pros and cons that depend on your financial situation. ACCC offers free credit counseling sessions where experienced professionals can explain the potential negative impacts of debt settlement on your credit and guide you through other debt repayment options.

Get in touch with us for a free credit counseling session today for debt settlement advice.

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