If you are struggling with debt that has gotten out of control, then you are not alone. Many Americans have found that the challenges with the economy have forced them to run up high credit card debt. Whether through unemployment or simply the rising cost of consumer goods without a comparable rise in salary, many people have turned to credit cards to help stretch their income. However, this creates a larger debt than most people are able to repay, and can put one on a path to poor credit and even bankruptcy. Debt settlement services are designed to help people who are in this situation.
You have probably heard ads for debt settlement services on the radio or seen them on the internet or even in the newspaper. These services are designed to help the average American reduce or eliminate his debt without having to go through a bankruptcy. This type of settlement is much easier to bounce back from than is a bankruptcy, so it can be very important to understand what is being offered and how it can actually help.
You should look for a company that is accredited and certified so that you can be assured that they will know exactly what to do to help you. Accreditation means that a third party (TASC) has evaluated their competence and performance capabilities and approved them. Certification as an IAPDA debt arbitrator means that the company understands the laws that govern debt settlements and can understand your individual financial situation.
It is also important to ask whether the company you are considering has assistance for bankruptcy in case the settlement doesn't work out as planned. If nothing else, their guarantee should include a refund for any fees if the settlement doesn't conclude well for you so that you will have some money to help pay for the bankruptcy proceedings. The company should not be telling you that settlement will have no effect on your credit score your credit will go do before it goes up, but settlement will not have the same ramifications on your credit as a bankruptcy would have, so is definitely preferable.