Below are the pros and cons of debt settlement:
Pros:
- May reduce the total debt owed
- Alternative to bankruptcy
- Can simplify debt into a single payment
Cons:
- Can negatively impact your credit score
- Forgiven debt may be taxable
- Creditors aren’t required to accept offers
- Settlement fees may apply if using a company
For more information about how Best Egg may be able to help please visit Working with Best Egg Versus a Debt Settlement Company.
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