What Effect Will Debt Settlements Have on My Credit Report?

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A debt settlement is a drastic program that will get a person out of debt in a few years, but it will have a devastating effect on their credit report. Discover how to stay out of debt with help from a debt settlement company with help from the owner of a debt negotiation company in this free video on debt and money management.

Part of the Video Series: Debt Consolidation & Management
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Video Transcript

Hi my name is Peter Repak. I'm the owner of Clear Financial LLC. A debt negotiation company. What effects debt settlement will have on my credit report. Well, debt settlement is a drastic program. But it will get you out of debt. Instead of the next 40 or 30 years you are going to get out of debt within three years. Will it hurt your credit? Yes. It's a financial surgery. It's going to hurt. It's like when you have a wound, ok. You have some illness. Sometimes you have to cut it out. Sometimes you have to do a drastic measure in order to save your life. Right now you acquired a tremendous amount of debt. Well, having debt itself, having credit itself is a problem, ok. Excessive debt, even that is going to be shown on your credit score as a negative effect. So by not getting out of debt and simply just sitting on it is not going to help you so much at all. As a matter of fact it's not going to help you at all it's going to only hurt you. So what you need to do is if you are qualified. If you are pay check to pay check and you're unable to pay your credit cards you definitely need a debt settlement program. That time you need to give a call to my company you need to find out what your options are and then we can help you. Will it have a negative effect on your credit? Yes. During the time of the debt settlement program, but after that it will all go back to normal. It should go back to normal. And then you will be out of debt within three years instead of 30. You make your options. My name is Peter Repak. I am the owner of Clear Financial LLC. Thank you for watching.

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