Question about debt settlement vs consolidation

wallmann · 06:14 PM

What would be better, credit card consolidation or debt settlement
where they cut your debt by 40%-60% and stop all interest payments?

Do you take a hit with consolidation with your credit?

Thanks

Mogul of Pineapples · 03:50 PM

Not only does debt settlement ruin your credit (they make you default on your bills for months) but they also run up your debt even more (probably by 40 to 60%) with the late fees and default APRs that you get during those months they have you not paying the bills.

06:14 PM	#1
wallmann Green Member Join Date: Dec 2009 Location: Midwest Posts: 0	Question about debt settlement vs consolidation What would be better, credit card consolidation or debt settlement where they cut your debt by 40%-60% and stop all interest payments? Do you take a hit with consolidation with your credit? Thanks

03:50 PM	#2
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	Not only does debt settlement ruin your credit (they make you default on your bills for months) but they also run up your debt even more (probably by 40 to 60%) with the late fees and default APRs that you get during those months they have you not paying the bills. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

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