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If you don't have the necessary amount of cash available to settle your debts yourself or if you don't believe you’d be a good negotiator, then hiring a debt settlement company could be a better option. The best debt settlement companies have debt counselors who are experienced at negotiating with most lenders including the credit card providers. This is a way to consolidate debts because once the company has settled all of them; you would be required to send it only one payment a month. Plus, you should be debt-free in just 36 to 48 months.
Don't fall for big promises
In the event you decide to hire a debt settlement company, don't fall for any big, pie-in-the-sky promises and refuse to pay any upfront fees. Honest debt settlement companies do not charge upfront fees. In fact, you would not be charged anything until the company settles all of your debts and presents you with a debt payment plan. In addition, no ethical debt settlement company will promise to loan you money to pay off your debts or that they can help you become debt free in just a few months. There are other red flags to watch out for when choosing a debt settlement company as explained in the following video.