When looking into your own debt how severely has it grown? Has your debt reached such an extent as to where you can no longer afford to purchase regular daily life necessities? Does it make you incapable of giving your family what they need for now and for the future? Do you worry about your future financial stability? Are you afraid due to your current debts that you will either need to claim bankruptcy now or in the near future? If so debt settlement may be able to help you.
What is a settlement? A settlement is an agreement between a debt collector or credit card Company, and the person who owes this said debt to pay back the debt at a discount of the total owed debt.
This can either be done personally between you and the companies in which you owe money to, or through a 3rd party service which can represent you and better your chances of achieving a settlement at a much higher discount.
This 3rd party service is known as a debt settlement service.
Will using a settlement service affect credit scoring and credit history? When looking into the effects on your credit scores through using a 3rd party assistance in attaining a settlement there will be dramatic affects on your credit score.
These dramatic affects are positive and not negative.
You see, as you have collected debts from inability to make payments you have severely scarred your credit score, but with help in achieving an affordable payment plan, or discounted payment in full, the damaged credit is slowly repaired as long as you keep up on future payments and do not get into future debts.
A 3rd party service can help you learn how to manage your financial situation to create stability as to where you will no longer hurt your credit score.