When confronted with bad credit problem, some credit counselors recommend a debt settlement. How does it work? A debt settlement is a negotiation between the borrower and his creditor in order to come up with a different payment term.
With a debt settlement, the borrower will stop submitting his monthly payments to his creditors, instead he will be saving up the money on his settlement account. When enough funds has been saved, that’s the time the borrower will be submitting his payment to his creditors in full. Usually credit counselors or a debt settlement company makes this negotiation on behalf of the borrower.
Read full article: What Are The Effects Of Debt Settlement?
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