What are debt settlement companies? And how can they help?

May 13, 2021 at 7:00 AM
What are debt settlement companies? And how can they help?

It can be overwhelming at times as you’re trying to pay down what feels like mountains of debt. There are times that it seems you’ve taken two steps forward with three steps back as an unexpected expense comes along to wipe out the progress you’ve made. Fortunately, you can get help. Debt settlement companies like DebtHelp, Inc are designed to help those who are struggling to get out from under the piles of debt and build a brighter financial future. Before we get into the ways that you can benefit from a debt settlement company, let’s first establish what they are.

What is a debt settlement company?

Debt settlement companies are designed to do precisely what their name says, help you settle your debt. This is done by working to reduce the amount of debt that you own by negotiating with creditors. This is done primarily with credit cards and if the credit card company feels that you won’t pay anything.

How can debt settlement companies help me?

Debt can weigh heavily on your mind. It’s stressful knowing that when you’re working at your job every day, that money has to go to a creditor rather than helping to pay your bills or put food on your table. Below are six ways that a debt settlement can help you.

Debts are reduced

The ultimate goal of working with debt settlement companies is to reduce your debt. This gives you a chance to more easily manage the payments and outstanding balances that you own. As your debt is reduced, your minimum payments will go down and help your monthly finances stretch farther than they had been. Keep in mind that your debts won’t be eliminated, but by reducing them you can feel comfort in knowing that you will get to the light at the end of the tunnel much faster than had you kept going about it on your own.

Get mental relief

Massive debt can weigh heavily on your mind. This makes it hard to focus on your work and even sleep at night, which negatively impacts your personal health and interactions with those around you. By having your debt reduced, you get some of that weight removed.

Won’t be chased down by creditors or collections

Creditors and collections agencies can be ruthless in their efforts to collect payments that are past due. Should you decide to make a decision personally to avoid making payments on your debts, you would likely have debt collectors regularly harassing you about your debt. With the help of a debt settlement company, you get peace of mind knowing that no debt collectors will be chasing you down.

Can’t be sued

It’s not an incredibly common thing to do, but credit card companies can sue their customers for non-payment. This often results in the customer paying the credit card company back in full as well as covering court fees. With the help of a debt settlement company, you can reach a legally binding agreement where you pay a fraction of what you owe, and the credit card company is not able to take you to court for payment.

Pay off debt faster

Getting out of debt takes time. In most cases, you didn’t accrue your debt overnight, so it’s going to take much longer than that to pay back the amount of money you’ve borrowed. Paying off debt takes a great deal of patience, but you have the ability to pay it off much faster once you’ve reached an agreement on debt settlement.

Speak with a rep today

Learn more about debt settlement companies but getting in touch with a rep at DebtHelp, Inc. We’re here to help you reduce your debt by negotiating with your creditors. Give us a call at 888-254-4516 or send us a message. We’re here to help you reduce your debt on your way to financial freedom.