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What are the Pros and Cons of Debt Settlement?

It is important to understand how Debt Settlement works before you enroll. Here we outline the key benefits and considerations of Settlement to help you further in your decision process about the best service for you.

If you are unsure about what is right for you, call 1-888-888-CARE to speak to an associate who can help you further.

Debt Settlement


  • May reduce your total debt drastically
  • You save each month an amount you can afford to use to fund settlements
  • Provides flexible payment arrangements (changes can be made if needed)
  • Attractive alternative to bankruptcy
  • Settlements typically completed in 3-5 years


  • Credit profile will be negatively impacted
  • Debt is not repaid in full
  • Creditors are not required to accept settlement offers
  • Debt balances are likely to increase (i.e. late fees, interest) while settlements are being negotiated
  • Collection activity will escalate
  • It typically takes 6+ months before the first settlement occurs
  • You may be taxed on the portion of the debt you don't pay back


How do I choose a Settlement provider?

Debt Help - CareOne Debt Relief Services
Offering CareOne Debt Relief Services: