Any suggestions about credit card debt settlement companies?

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I owe a substanstial amount on credit cards 30K which I can no longer make payment. There is this debt settlement company that says they will settle my account for %45 there fees included? It will be in a 3 year payment plan. Is this all some sort of a scam? Has anyone had experience with these types of companies?

7 Comments
  1. Reply
    Ara
    June 26, 2011 at 7:57 am

    might not be a scam…but they are expensive…you can make your own settlement with the cc comp on your own…better and cheaper…it’s free…

  2. Reply
    rayt721
    June 26, 2011 at 8:01 am

    There are a number of scams out there and your reputation will be shot. This is not a decision to be taken lightly. You racked up the debt of your own free will. Check out a legitimate counseling company … see the link below:

  3. Reply
    Lil_Dog
    June 26, 2011 at 8:37 am

    most are scams. there are a lot of states’ attorneys general investigating these types of companies.

    as mentioned earlier, you can usually get just as good an offer yourself by calling your cc company and explaining your situation.

  4. Reply
    timothy p
    June 26, 2011 at 9:22 am

    Avoid these companies. They are for profit companies. You may make payments for the next 3 years and still end up owing the credit card company money. It is a gamble. You can negotiate your own settlement.

  5. Reply
    Zoe S
    June 26, 2011 at 10:02 am

    It is better to seek help from any reputed debt settlement company. Only such companies can handle it properly as experience in this field really matters when it comes to settlement or negotiation. I took help of freedom debt relief to settle my debts. I have joined their debt settlement program one year back and almost debt free now.

    Call their toll free number to know more about their program.

  6. Reply
    David
    June 26, 2011 at 10:28 am

    I would suggest that you open up your options. Don’t just look at one company and go with them. Try to check out numerous and then evaluate them. That will prevent you from getting scammed. If there is a company that is really generous compared to others then you know something is up.

  7. Reply
    thearticlepress
    June 26, 2011 at 10:32 am

    I have been running across this same question and here is an article I have found that may help you

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