Help consolidating medical bills when parents begin dating

Debt Settlement Plan: Debt Settlement, also known as Debt Relief, is a service where a debt settlement companies withdraw a predetermined amount from your bank account each month that they put into escrow for you.

Pros: You don’t have to pay anything Cons: Your credit score can be destroyed for 7 years, and you will suffer the agony of being hounded by collections agencies for years on end. Even though the collectors have no more legal rights to pursue the money from you, they will still harass you in hope that you’ll pay up out of ignorance.

It might also be more costly than credit card consolidation if your interest rates are real high.

Also, it might not be enough if you’re completely swamped in debt Recommendation: If you do not have much debt, or if you rates are not astronomical, this is the most honorable approach.

They usually charge a monthly fee, legally it can’t be over a month, but most run around a month.

Pros: They have minimal impact on your credit score Cons: Their program lengths can run for 5 years, which means you can easily have paid 00 in fees before you’re done Recommendation: You can use these if you don’t have a lot of debt and you can be quickly in and out of the program.

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