What Are the Pros and Cons of Debt Settlement?
Debt settlement is a much more credible and respected means of reducing financial burden than the alternative of declaring bankruptcy. Having a negotiator work on your behalf with creditors will have less of a negative impact on your credit report. Bankruptcy is a dark cloud hanging over your credit report for seven years and possibly longer. But working with a settlement company at least shows that you put forth an effort to resolve your obligations to creditors.
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