Debt Settlement Isn’t Always The Best Answer Modest Money4 Comments

Hey everyone, thanks for joining me for this week’s Monday Money! Yesterday, a friend of mine who owns a pretty decent business received a call from a debt settlement company. He said one of the first questions they asked was “How much money do you owe on credit cards?”.

He answered with a pretty high number, at least in the average Joe’s eyes. The salesman then began to tell him about debt settlement.

Well, He Began To Tell Him The Good Things

He started by asking the question, “Would you like to be able to pay it off with only a 55% payment?”. Of course the answer was yes. He then continued to tell my buddy about the fact that their company would negotiate the balance due and he could actually pay less than he owes.

But, The Salesman Forgot To Talk About One Thing

When talking to my buddy, the salesman told him all the good things, but forgot to tell him about the damage it could do to credit. He also never mentioned that the program was designed for consumers facing financial hardships. Yes, my buddy has more than $10,000 in credit card debt at almost any given time, but he always…

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By : Josh Rodriguez | 27 Jan 2014
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