Debt settlement

For some it is good option...they end up saving a lot of $$

Time will heal your credit.

Debt settlement is damaging to your credit because you have to not pay your bills for 90 or more before you can settle. A lot of people don't get settlements done until 180 days or more so all those late payments are on your credit in addition to a charge off if it goes 180 days or more.

For most of us it was the ONLY alternative to bankruptcy. It wasn't that we woke up one morning and thought "gee I think I'll trash my life to save a few dollars". It is much better for the credit card companies and you if you don't declare bankruptcy.

Yes your credit will rebound. It actually starts really coming up in the 13th month after settlement because then you have 12 months of on time payments on what is left on your credit report and no lates. So if you have paid your mortgage and car payments on time for instance, you will start seeing your credit score rise.

For me settlement was a godsend. It literally saved my life. I was so depressed that I couldn't pay bills for the first time in my adult life and was getting so despondent that I had no money. The miracle thing was that once I had settlement agreements with everyone, my business started taking off again and I'm on track to make what I did before the recession hit. Sometimes just getting the bad karma off your back and do wonders for your life.