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What You Should Consider When Seeking a Debt Settlement

Red pencil pointing at "Debt Settlement" title on paper

That feeling of getting a new credit card in the mail is multi-tiered. First, it’s good to know your credit rating is still so solid that companies want to offer you money. Second, you have a small backup for financial security, whether you are just planning to put that card in the back of a drawer in case of emergency, use it for a rental car and hotel on your next trip, or maybe even save it to help finance a large and necessary expenditure for the family you’ve been looking toward. We all have the best intentions, and most likely all is well until those unexpected little charges, one after another, begin to nickel and dime you right up to the credit limit. There may be several other credit card debts in the mix too, along with a melee of other payments causing you to feel like you are drowning in debt, trying to figure out which bills to pay first—and how.

Red pencil pointing at "Debt Settlement" title on paper

As many of us will hear in our lives during times of financial stress, it’s apparently important to keep in mind that ‘it’s only money.’ That is generally little consolation, however, when the phone is ringing off the hook with debt collectors who want their money, the mail is piling up with bills that are going unpaid, and you are wondering how to rein these financial issues in once and for all. Debt relief, debt settlement, and debt consolidation are no doubt terms that you have heard bandied about everywhere today. And if it seems too good to be true that you are going to get a great deal or have debts wiped out altogether without delving into bankruptcy, then well, it probably is. Debt settlements can be tricky, and this is an area where you will benefit from contacting a law firm like Fitzgerald & Campbell, APLC, with experienced attorneys who can help you explore the options that are best for you financially.

The question is which scenario will offer you the most relief, and the lowest monthly payment if you are trying to establish a plan for getting out of debt. It’s important to avoid any unnecessary fees, as well as making sure that you don’t agree to any plans that have you paying more monthly than you can handle.

Debt consolidation and debt settlement are often used interchangeably, but it can be important to understand the differences. With debt consolidation, you are taking out a new loan altogether, and then lumping all your payments into one. The key to this is working out a deal where you pay significantly less interest each month and have the added benefit of being much more organized with only one payment to handle.  In a debt settlement, the process works just as the term sounds. You are settling debts with creditors, hopefully for less, and agreeing to new terms. This requires negotiation skills, so you may want to hire an attorney to handle that end for you, ensuring the best deal possible.

If credit card debt and other payments are becoming insurmountable each month, you need the help of an experienced debtors rights attorney—like those at Fitzgerald & Campbell, APLC. We can review the specifics of your financial challenges and discuss your options with you. Bankruptcy may be a better option in some cases over debt consolidation or debt settlement, but that depends on the circumstances and your present income. Our attorneys have decades of experience representing clients in all types of consumer rights matters, and we are here to help!

Call us today for a free consultation at (844) 431-3851, or email us at

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