http://www.aboutdebtmanagement.com/debt/debt-settlement/debt-settlement-programs/ Debt settlement programs - How can debt settlement programs help get you the relief that you need? en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 The Big Decision Now that you are fully aware of what can happen when you do nothing about your debt, you owe it to yourself to see what it is that you can do to get out of it and rid yourself of this burden for the long haul. There are many ways to get rid of the debt, but many people find that debt settlement fit best for their long and short term goals. There are a few steps involved in debt settlement programs and there are pros and cons to it, just like anything else. But you need to know the facts about debt settlement programs and how they will effect your future plans before you go ahead with it. For some, debt settlement programs are the ideal way to get rid of their debt, but for others it is a burden that they would rather not have to shoulder. The Pros What attracts people most to debt settlement programs is the fact that is takes care of the debt in one shot. You can have all of your dents paid off in the course of one afternoon. That way you can start right away to save money and make some of those plans that were previously hindered by all of the dent that you might have had. It can be a major relief for many of us and can open doors that were closed for a long time, but there are also some things that may make you want to think about debt settlement services further. The Cons When you choose one of the debt settlement programs you are essentially satisfying the repayment, but not under the terms that were originally agreed upon. Thanks to the negotiation pros at debt settlement companies, you may end up paying the debt for about 40-60 cents on the dollar. That is a significant reduction, sure, but it does not let you off the hook so easily. The catch here is that it will show on your credit report for about 7 years to come that you did not pay off all that you had borrowed and that you had to settle. It is similar to a late payment on your credit report. Sat, 26 Jul 2008 15:00:00 EDT