QOTW: What are your thoughts on debt settlement?

QOTW: What are your thoughts on debt settlement?
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If you’ve ever felt overwhelmed by debt, you’ve probably learned about myriad strategies for getting out of debt: consolidation, snowball vs. avalanche payoff, debt settlement

Debt settlement comes with unique risks and costs, but for some people it can be an effective way to pay creditors less and avoid paying fees to a debt settlement company :money_with_wings:

Have you tried debt settlement, either DIY or through a company?

  • Why did you decide to try debt settlement? :thinking:
  • Did you attempt it yourself or hire a professional service? :woman_office_worker:
  • Would you recommend debt settlement to others? :+1:/:-1:


I would love to hear people’s recent experiences. I’ve interviewed a few people who were happy with the service they hired, but a lot of times people don’t understand that – after they account for the fees and the tax bill – they don’t really save that much. I think most people are better off in bankruptcy.