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This video is brought to you courtesy of Alabama Debt Relief .org.

Debt Settlement Pros and Cons

Debt settlement is a debt relief option that has become increasingly popular among people who need relief from high-balance credit cards (typically $20,000 to $125,000 or more). Through debt settlement, debt specialists negotiate with creditors on your behalf -- with the goal of “settling” your credit card debt for substantially less than you currently owe.

Pros

• By settling debt, you can save a substantial amount of money.
• Can help you settle credit cards in as little as 12-36 months.
• Allows you to make low monthly payments you can afford
• Settles debt and provides alternative to bankruptcy
• While negative to credit, not as severe or long-lasting as bankruptcy
• Unless “attorney-based” fees only paid after successful settlement

Cons

• Typically only benefits those with high-balance credit cards
• Amount of money saved through debt settlement subject to taxes
• Requires discipline to “set aside” money for successful settlement
• Creditors may threaten, or take, legal action to collect debt
• Negative impact on credit due to default on credit agreements
• Creditors may not agree to accept your debt settlement offer