When unmanageable debt has you in a bear hug, you’ll probably do anything to wriggle free including striking a deal with your creditors to reduce how much you have to pay. Debt settlement involves negotiating with your creditors to reduce the amount you owe, often with the help of a third-party company.
Having someone lighten the burden of your debt sounds like a great deal, and in some cases it’s the smart move. But debt settlement can be a lengthy, stressful process that sometimes ends in regret. CNBC Select explains what you should know about debt settlement and how to decide if it’s right for your situation.
What you should know about debt settlement
How debt settlement works
When you settle a debt, your creditor agrees to…
Read the full article at: https://www.cnbc.com/select/what-is-debt-settlement/