is Debt Settlement a BAD idea?
My wife got in way over her head and is refusing to pay the full balance on her cards and trying to “settle” with these companies ie pay one lump sum of 500 dollars to settle a 1500 credit card bill
she was advised by a lawyer friend of hers to stop paying her cards, let them default, and the companies will likely accept settlement offers vs try to go to court for the full balance.
Sure we’ll save money but this wil RUIN our fico score for years
plus it seems kinda dishonest to run up credit card debt and flamboozle
the system to pay only 1/3 of the debt, just not how i was raised