Resource Center: Bankruptcy

Debt Settlement

Debt settlement is also known as debt arbitration or debt negotiation. it is an approach to debt reduction which involves an agreement between the debtor and creditor. They arrive at a number, less than the full amount that will constitute payment in full.

As long as the consumer can continue to make their minimum monthly payments creditors will not negotiate a lower balance. When payments stop, balances continue to grow because of late fees and interest accruing.

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