Consumers and small businesses who are unable to pay their credit card bills or other unsecured debts, such as medical bills, are prime candidates for debt settlement and negotiation services. Some people simply cannot afford to pay their credit card bills, and when compelled to choose between paying their mortgage or their credit card bills, the mortgage will almost always take precedence.
Credit card debt settlement programs negotiate your actual credit card balances and other unsecured debts. In contrast to other debt relief programs that negotiate interest rates and demand full repayment, settlement programs negotiate the actual balance and do not require repayment of the settled amount.
If you file for bankruptcy, your credit score will be negatively affected for at least seven years following the filing. Considering the average bankruptcy case lasts approximately three years, filing bankruptcy will have a negative impact on your credit for approximately ten years on average.
New bankruptcy laws enacted in 2005 make it much more difficult to qualify for bankruptcy and significantly less advantageous for consumers. Chapter 7 bankruptcy, also known as a ""fresh start,"" is virtually impossible to qualify for. You are significantly more likely to qualify for Chapter 13, which is similar to debt settlement with a significant distinction. Your credit score will be negatively affected more by bankruptcy.""
" - https://www.affordablecebu.com/