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Debt settlement can offer a lifeline for consumers who are struggling with overwhelming debt.
When you pursue debt settlement — also called debt relief, debt negotiation or debt resolution — you attempt to get creditors to agree to accept a payment that’s less than what you actually owe. One industry study found that consumers who successfully settled accounts reduced their debt load by about half.
That may sound like a no-brainer. But debt settlement isn’t the best solution for everyone. And even if it seems like a good option for your situation, it’s crucial that you…
