American Consumer Credit Counseling Explains the Debt Settlement Process

ACCC explains the pros and cons of debt settlement and how it differs from debt management BOSTON (PRWEB) November 12, 2018 Debt settlement is the process of settling debt with a creditor for less than what is owed. During this process, consumers stop paying their creditors and pay the debt settlement company instead while their accounts become delinquent. As time passes, the company tries to negotiate a debt settlement offer with the creditors in hopes of settling for a lower amount than the consumer owes. National nonprofit American Consumer Credit Counseling explains the pros and cons of debt settlement and how it differs from debt management. "Although debt settlement can work, the risk doesn’t always pay off," said Steve Trumble, President, and CEO of American Consumer Credit Counseling. "Creditors are not obligated to accept a lower amount than what consumers owe, and debt settlement offers no guarantees. Because it […]