What Do Debt Settlement Companies Do?
Debt settlement companies negotiate with your creditors to reduce the amount of money that you owe. Technically, you can do this yourself, but debt settlement companies have more experience with the negotiation process so they might be able to get you a better deal. They can also tell your creditors that there is no way you will ever be able to pay off the full amount of your debt. This would be difficult for you to do yourself because it would sound more like a threat than a realization. Professional debt settlement companies have been able to reduce personal debt by thousands of dollars, which is obviously a boon for consumers who cannot pay off their debts but do not want to apply for bankruptcy.
