Roughly one in three Americans have delinquent debt according to recent data fromTheUrban Institute. At 16%, medical debt makes up the highest percentage of debt delinquency, but consumers also default on student loans, auto loans and credit card debt.
If someone’s debt is so large that making payments becomes unmanageable (or if paying off the balances would take an unthinkable number of years), consumers may be able to find relief through debt settlement.
Debt settlement companies help consumers negotiate their debts down, either with the original lender/card issuer or with acollections agency. This gives people who are in over their heads a chance to clear away their balances at a lower cost.
In exchange for a professional fee, de…
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