Guest Post – Suzan Bekiroglu*

For many people with debts spiraling out of control, going through a process of debt settlement could be a way of bringing some surety back to their finances. The process of debt settlement may not be the right choice for everyone. You need to consider all options to best manage your debts, including working directly with your creditors and even filing for bankruptcy.

Of course, it’s important for a consumer to understand how the debt settlement process works before deciding if it is a good option for them and their family. This process typically allows a consumer to turn over all of his or her debts to a debt settlement company that will negotiate with the consumer’s creditors. These negotiations can result in a consumer’s interest rate and/or monthly payments being lowered. In some cases, a company can get a creditor to forgive a portion of the debt. The result is that the consumer will often have a lower monthly payment that will allow them to more easily pay their bills. Consumers may also see higher credit scores and less late notices as a result of this.

It should be noted that a consumer does have the option of negotiating with their lenders on their own. Professional debt consolidation and settlement companies, however, typically have good relationships with a wide variety of lenders. This makes the debt settlement process a good option for consumers who have bills with many different lenders, since professional settlement services can save a consumer a lot of time. Many of these companies are usually able to get better deals for their clients than clients could get on their own.

A consumer who only has one or two creditors, however, may do better to try and negotiate on their own, especially if they have a personal relationship with that creditor. Consumers with very little to no income will probably find that settling their debts will still leave them with a monthly payment they cannot afford. If you are in either one of these situations, settling your debts with a professional service may not be right for you.

Using a professional to settle debts can be a good thing for someone who has a lot of different debts that they will have trouble or difficulty paying off. This process can be a great way for someone to get out of debt sooner than they otherwise would be,  by simply making their minimum payments. The best way to determine if it is the right choice for you and your family is to contact  and research a number of debt professionals and consider the options that they can provide.

*Suzan Bekiroglu works as an Editorial Consultant in Florida and is associated with

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