DON’T!
That should just about sum it up. Debt settlement companies:
- Cannot reduce the debt lower than you can negotiate
- Cannot help you avoid legal action such as judgment and garnishment
- Charge you monthly fees of $35 or more
- Charge you a percentage of the savings
- Fail to disclose potential taxes on forgiven debt that you will owe
- Have a dismal success rate
- Have horrible ratings with the Better Business Bureau, with only a few exceptions
- Are mostly for-profit corporations