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Best Debt Settlement

Freedom Debt Relief Logo
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9.8/10

Other Top Picks

Experienced Debt Experts

Consolidated Credit Logo
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9.2/10

No Upfront Fees

Excellent Track Record

Accredited Debt Logo
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8.7/10

Debt resolution is an alternative to bankruptcy — declaring bankruptcy has several consequences: it stays on your credit report for 10 years, affects future eligibility for loans, involves selling assets, and often includes lawyer fees. Fortunately, debt resolution avoids the bankruptcy process by negotiating your debt lower and making it easier to pay off.

The debt resolution process begins with a free consultation. At the free consultation, a company representative will review your financial situation and answer your questions about the debt settlement process.

If you decide to use the company’s services, you will stop making payments on your bills. Instead, you’ll set money aside into a separate account to be used as a lump sum payment when a payment agreement is reached. Because you are no longer making payments, you credit score drops.

The debt resolution company will start negotiating with creditors. When a successful resolution is reached and paid, you will be debt-free. However, your credit report will say that all of these debts were “settled” instead of “paid in full.”

Unfortunately, because of the complexity of the debt management process and the different methods, it can be difficult for customers to measure the quality of one debt company against others.

Luckly, we’ve done the heavy lifting for you.