Debt Settlement

If you are worried about your credit being affected than debt settlement is not for you. You may want to look into a Debt Management Plan or dmp first. It will get you one payment but at much lower APRs" usually around 6-10 % ". The one payment for that kind of program will usually be close to what you were paying on your combined minimum payments. If you are overextended and can`t afford the payment for a dmp than you may want to consider Debt Settlement.

If you are a good candidate for debt settlement its because you are experiencing a hardship and are either overextended and your bills are already delinquent or about to be. So basically its a program for people who's credit is already negatively affected or about to be anyways. This type of program will get you one payment around half of what you were paying and get you out of debt fast " usually around 36 months or less ".

Both types of program are good. It just depends on your situation. Also if you are so overextended to where you can`t even afford the payment for a settlement program than you may want to consider bankruptcy.

Yes, there is no way around it-debt settlement will have a negative impact on your credit. At least while you are going through it. It also depends on how the creditor reports the settlement. Depending on your situation though, it may help your credit later down the road because you will have a lower debt ratio.
Now, being overextended will not look so good on your credit report either.

There are so many options out there. Look into them all. Don't wait though. Do something about the debt now. Good luck!

if your credit is already bad, then debt settlement won't affect it that much. in fact, it will gradually go up once you start settling accounts. but, if you have good credit and can afford monthly payments, then a debt management program would be best.