Are there any drawbacks to settling a debt?

Related FAQs

What are the potential consequences of a failed debt settlement?
Does debt settlement hurt my chances of obtaining new credit?
What is the difference between debt settlement and debt management?
What should I do if a creditor refuses to delete negative credit items as part of a debt settlement agreement?
When can I start making payments on my debt settlement?
What happens if I can’t afford to settle the debt in full?
Can I negotiate multiple debts at once during the settlement process?
Are there any tax consequences to debt settlement?
Can I negotiate a lower interest rate as part of a debt settlement?
How do I make sure I receive a fair settlement from my creditors?

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