Settling credit card debt using Consumer Debt Counselors - Are they Worth It?

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lmj612

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I am in quite a bit of Credit Card Debt. It would take me years to pay off the debt I owe. I hear advertisements about debt negotiators who can settle your debt for half of what you owe.

Can these negotiators really help? I talked to one one company who uses attorneys to settle credit card debt. They said they could not start the negotiation process to settle the debt until they have half the debt in an escrow account, which could take years.

So, are they really worth using?
 
Anything the "debt negotiators" can accomplish, you can do on your own. The question is which is more valuable to you; the time it takes to reach a settlement agreement with each creditor and/or assignee, or the money you will pay to the "negotiators"? I personally think they are a sham as I have known case in which the "negotiators" put as much money in their pocket as they pay to your creditor. Depending on the age of your debts and who now owns them, you should be able to settle for 50%-70% of the principle obligation.
 
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