Many of those programs specialize in debt settlement.
Now any expert will tell you that debt settlement is much better than declaring bankruptcy, but you will still get a lowered credit score.
This is lower credit score worth the risk? In most cases yes and here is why.
The lowered credit score won't be forever.
In fact, it is much less than with bankruptcy.
Most bankruptcy filings will follow you for seven years.
On the other hand, most see their credit score start to rebound only one or two years after opting for debt settlement.
If you had a dream of buying a home or a new car, you just need to prolong it but you don't have to put it off forever.
Your debt is reduced.
Perhaps the greatest benefit of debt relief programs that specialize in settlement is that they reduce the amount of money you owe.
After all, settlement is when your creditors agree to settle for less.
They do this because you are at-risk for declaring bankruptcy and getting some of their money is much better than getting nothing at all.
When represented by professional debt relief programs, most cardholders see their total owed to the credit card companies reduced by as much as sixty percent! In short, there are a number of factors you want to take into consideration before opting for settlement.
If you only one $3,000 to the credit card companies, you aren't going to get a huge reduction.
These big numbers are typically reserved for those with massive debt.
To only save $500 it isn't worth the low credit score, but it will be if you can save more than $10,000! If you would like more information on settlement or if you would like the contact information for the best debt relief programs, visit the website of a debt relief network.