JU19

Debt Settlement: Same As Credit Repair? There has been a lot of talk recently regarding debt settlement, and we just wanted to take a minute to explain what that entails and how it is very different then credit repair. Almost every night you see... More

Debt Settlement: Same As Credit Repair? There has been a lot of talk recently regarding debt settlement, and we just wanted to take a minute to explain what that entails and how it is very different then credit repair. Almost every night you see commercials on TV for debt relief and debt settlement companies. What exactly is this service and is it beneficial? First, let’s make one thing clear: you do not want to enter into an agreement with a debt settlement company. They target individuals that have a large sum of outstanding credit card debt and tell them to stop paying their credit card payments, and instead they have them deposit a set amount of money into a joint savings account each month. This is bad for several reasons, and the biggest reason is the damage it will do to one’s credit report! By not paying the credit cards they will all start to report as late, 30 days late, 60 days late, 90 days late, 120 days late, and then eventually the card will be reported as a charge o Less