Credit Card and Debt Settlement? Would you Consider it? (Your Chance to Win $10!)
It’s time for our weekly trivia question: What do you think of credit card and debt settlement? Would you consider it? Have you ever done it?
Awhile back I interviewed Kim McGrigg, of Money Management International. She explained the difference between traditional credit counseling programs and debt settlement. With many ads on TV and the internet claiming to cut your debt by 50%, debt settlement may seem like a tempting alternative for consumers looking to escape mounting debt. Kim had quite a bit of information on some of the hoops, fees, and long-term effects of having your debt written off for less than what's owed, and we'd like to hear what you think!
Do you have a story to tell about debt settlement? Did you go through a company or did you attempt to do it on your own? Were there any negative consequences? Your comment could win you a $10 prize!
Those of you who aren’t familiar with the “drill,” read below for full details:
Win a $10 Amazon Gift Certificate
We're doing two giveaways -- one $10 Amazon gift certificate for a random comment, and another one for a random tweet.
How to Enter:
- Post your answer in the comments below, or
- Tweet your answer. Include "@wisebread" in your tweet so we'll see it and count it.
If you're inspired to write a whole blog post, please link to it in the comments or tweet it.
At the end of the drawing, we'll update this post to include (and link to) all of your helpful responses.
- Contest ends Wednesday, June 24th at 7:59pm CST. Winners will be announced June 25th between 8:00 – 9:00 pm CST during our live Blog Talk Radio broadcast, and will be contacted at the conclusion of the broadcast (or you can call in live to claim your prize!)
- You can enter both drawings -- once by leaving a comment and once by tweeting.
- Only tweets with "@wisebread" will be entered. (Otherwise, we won't see it.)
***We have our winners! Congrats to these winning entries! (Your prize is on the way!)
@ladytr0uble No, it is not an option for me. I promised myself a long time ago that I will only buy what I can afford
Comment #2 -I tried both ways, but when ... Submitted by Ana
I tried both ways, but when I read the fine print on the settlement company I noticed it was not a good idea. I am doing it on my own little by little and feel more accomplished.