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Debt consolidation

Debt Settlement

What happens with debt settlement?  Quite simply, your debt is settled at a lower amount.  Let's say you owe a significant amount and are not able to pay back even the minimum monthly payments.  Fees and penalties can quickly spiral out of control.  Your creditors may fear you will not be able to repay the amount you have been loaned, and may be willing to cut their losses.  A debt settlement agency steps in, offering a reduced amount for the creditor to consider the debt paid off.  If the creditor accepts, you owe less!
Debt consolidation
Sound too good to be true?  It is!  The settlement process leaves a severe negative mark on your credit report.  Buying a house, getting a car loan, or even getting credit at a department store may be extremely difficult in the future.
Debt consolidation
How Debt Settlement Agencies make money :
CURRENT - you owe $10,000
SETTLEMENT - agency negotiates debt down to $3,000, but charges you $5,000.
YOUR FUTURE - you pay installments on $5,000.  your credit score drops.  future potential creditors view you as a credit risk.

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