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Review:

Debt Settlement Programs

overall review score: 3.5
score is between 0 and 5
Debt settlement programs are a form of debt relief where a debtor negotiates with creditors to reduce the amount owed in exchange for a lump sum payment.

Key Features

  • Negotiation with creditors
  • Reduction of total debt amount
  • Single lump sum payment
  • Potential avoidance of bankruptcy

Pros

  • Potential for significant reduction in debt
  • Avoidance of bankruptcy
  • Opportunity to settle debts in a timely manner

Cons

  • Can negatively impact credit score
  • Requires upfront lump sum payment
  • Not all creditors may agree to settle

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Last updated: Mon, Jan 6, 2025, 09:35:53 AM UTC