Pros and Cons of Debt Settlement

July 14th, 2012 by Questions

I’m new into this program and kinda skeptical about it. I’m not sure about the Pros and Cons and what company to trust. I just need to get rid of high interest rates and pay off our debts faster. Is it advisable to get into this program?

Posted from: British Columbia


One Response to “Pros and Cons of Debt Settlement”

, A licensed trustee said:

I have a VERY low opinion of these businesses – their success rate is very low and the fees they charge you up-front (beofre a deal is reached) can be very high.

An alternative is to contact a not-for-profit credit counseling agency for a debt management program. Interest will alos be stopped and you may repay your debt over 4 years.

You should also speak to a trustee about a consumer proposal – if you cannot afford to repay the debt in full this may be the right choice for you.

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