Is debt settlement right if you can make your minimums?

no , that would not be smart. You would be better suited for a dmp with a credit counseling program. I like debt settlement but it is a hardship program for people who can`t afford a DMP. #1 It will trash your credit . #2 The creditors are not stupid. They will likely require a budget from you and when they see you had the ability to pay and you chose not to ,you will either get a much higher % settlement or they may just sue you. #3 It is dishonest in your case. You borrowed money from these people and you should repay it if you can. However if you became overextended and could not afford to pay the minimums and can`t afford a DMP than Debt Settlement might be a good option.

Nice suggestions dave, I too agree that debt settlement might not be the right option for you. Rather, you can try out negotiating with the lenders for lowering your interest rates. or, can consolidate your high interest rate credit cards to one with the lowerst rate.

If you have been regular with your payments till date, the lenders may agree to the payment plan offered by you.

Dave, is right. Debt settlement will ruin your report, but if you can successfully negotiate with your bankers, you can retain a spotless credit along with paying off you debts. Good Luck! and let us know if we can be of any further assistance.

I would contact each creditor first & ask if they have their own hardship program so you can repay on your own.

That's what I thought. Happy to know I'm not crazy.

What is a dmp? Hate to sound ignorant, but when it comes to this topic, I am.

A dmp is whats called a debt management Plan. It is administered by a consumer credit counseling Company. In that type of program your interest rates should be lowered to around 6% - 10% across the board. You make one payment to the Counseling Agency and they disperse the money to the Creditors.