Would it be better to join a debt settlement program or just get a loan to pay off your 22000 in credit card debt?

Answer 1

Many of the large financial institutions are no longer working with any debt settlement companies or law firms. Some of the big banks are immediately sending accounts off for legal action. I work for a global bank, if we received notification of representation by a debt settlement company along with a cease and desist on a $22K debt we will forward it for legal action. We check for three items; employment, checking account, and asset (Such as a home). If we find you have any one of these three items we refer the account to the law firm in your state to file for a judgement. It doesn't matter if you are only one month behind, if your balance is over $2500 we refer it to legal. I would try working out a lower APR with your creditor or going to a credit consumer counseling service. I spent more than a couple years as a management-level employee of one of the nation's leading debt settlement agencies. They know that creditors are hesitant to work with these agencies, but this is not disclosed to the consumers. Instead, you're left to pay your fees to the agency, while allowing your accounts with the creditor to accrue fees and escalate to legal status. Getting a loan just means you're moving your debt around. Debt settlement can actually be done on your own. The negative publicity is centered around the practices of these agencies, not debt settlement itself. For assistance on do-it-yourself debt settlement, check out Marie-Daniel Consultation Services.