Things to know in Debt settlement

If you're considering using a debt settlement or debt consolidation service to help you get out of debt quicker and lower your monthly payments, be sure to do your homework before choosing a debt settlement company. The first thing you should know is that debt settlement, debt negotiation and debt consolidation are not the same thing, which most people don't realize. Debt settlement companies may charge you an initial "admin fee" of hundreds of dollars simply to set up your account, plus a monthly service fee. Such debt settlement companies take your money every month, but fail to make the monthly payments to your creditors. Instead, they simply put your money in a trust account, negotiate your debts with your creditors, and then make a single payment when there's…