Beware of Quick Fixes
Remember it is possible to reduce your debts on your own.
You need to be wary of the multitude of scams out there being offered as debt elimination services.
Credit repair companies often advertise claiming to be able to improve your credit record, usually for a hefty fee. usually for a hefty fee. Many of these companies are scams and will do you more harm than good.
There are also so called debt elimination companies. We recommended that you look for services that charge after settlement.
Creditors will not negotiate reduced balances with consumers who are still making monthly payments. But when they stop paying, total balances swell with fees and interest rates.
You will end up with making one payment to the company each month, and they will disburse the payments to all of your creditors.
If you sign up for what it's called debt-management plan (DMP) the credit card company will usually close your account or at least "freeze" it so you can't use it anymore.
This will also lower your credit score. Reporting that an account of yours has been placed on a payment or settlement plan can hurt your credit rating.