banking service chronicle Debt settlement is a great solution for consumers feeling overwhelmed with credit card debt that find themselves either falling behind on their payments or just able to afford the minimums. Considering the savings, in most cases its worth doing if you find yourself in any of the aforementioned situations. As with any debt solution, however, there are potential downsides to debt settlement that should always be considered prior to enrollment. First, debt settlement may have an adverse impact on your credit, particularly while youre in the program. banking service chronicle monthly magazine To put this point in perspective, however, its important to remember the following: 1) any third party debt counseling program and even debt consolidation loans from finance companies like Beneficial may affect your credit negatively in the eyes of lenders, 2) the effect on your credit in the long-term is minimal, given the fact youll be eliminating all your credit card debt (amount owed is 30 percent of your credit score, compared to credit history, which makes up 35 percent of your score) and 3) if youre falling behind or about to fall behind anyway, then your credit has been or will be affected negatively anyway banking service chronicle monthly magazine subscription.
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