Debt Settlement Pros and Cons: Is It Right For You?

What is debt settlement? How does it work? Will it affect your credit? What are the pros and cons?
We spoke to David Shuster of Shuster Law, PLLC. In this interview, he explains that a debt settlement could be a good solution, as long as you watch out for shady companies.
David Shuster is a debt relief attorney with Shuster Law, PLLC in the Dallas-Fort Worth area. He says that a quick, private phone call to an attorney can give you eye-opening advice about whether or not debt settlement is your best option..
Contact David directly by calling 888-365-0921.
Learn more at his AskTheLawyers.com™ profile: bit.ly/2QsbVpf
0:19 - What is debt settlement?
0:37 - What are the pros and cons of debt settlement?
1:00 - How can debt settlement help you save money and get out of debt faster?
1:52 - How does debt settlement affect your credit?
2:22 - What if my creditors don’t want to cooperate with a debt settlement organization?
3:44 - What sort of debt settlement scams should people be aware of?
5:20 - What are common types of debt settlement?
8:06 - How do clients feel about their situation after they see you?
9:33 - What should people know about debt settlement?
10:50 - How can people get control of their debt?
Disclaimer: This video is for informational purposes only. In some states, this video may be deemed Attorney Advertising. The choice of lawyer is an important decision that should not be based solely on advertisements.

[@TheShonuff888]

This is very helpful, wish I did debt relief sooner

[@paulwilliams6648]

Hello, I just got laid off and have about 4 credit cards that I was paying the monthly payments on. I’m not sure what to do I was considering a debt relief program but didn’t want to get scammed. I’m current on all my CC I’m just not sure when I’ll have a full time job yet

[@oJAYarista]

I drove a vehicle that wasn't insured and wrecked creating nearly $100,000.00 in damage. I'm not sure how to resolve my situation, so I let my 4 credit cards go because I was told I need to file Bankruptcy. I'm trying to figure something else out because at the time of this accident I had a credit score of an 802.17 months later it is now at a 561 score and I do NOT want to file BK

[@YMFINANCIAL]

There are options that can keep you from filing bankruptcy. Chapter 7 or 13 bankruptcy should be your last resort as they will completely destroy your credit for years to come.

[@Md-pp8sk]

I have a question about when lenders allow you to get more money knowing you couldn’t pay the original payment. Irresponsible lending. I know it’s my decision to accept but I told them I could not afford the Payment and there advice was to get more money. Now I’m really struggling

[@AskTheLawyersTM]

Hi, thanks for the comment. We are sorry to hear you are dealing with this issue! You should definitely reach out to a bankruptcy attorney in your area; most give free consultations. If you are in the Dallas Fort Worth area, feel free to reach out to the attorney David Shuster who was interviewed in this video, the phone number is above.

[@wishlistrose]

How long does late payment hurt you on credit report?

[@kiyaurie]

6-12months

[@thundergod2645]

I have a $ 5500 debt with sprint for a cell phone that us over 5 years old. I'm wondering should I pay it or not.

[@phon8491]

5K? i have 30 k debt

[@dannychhann6917]

it safer with trustee as a consumer proposal

[@jiggynegus7541]

Anyone familiar with worden and associates?

[@YMFINANCIAL]

Yes I am and there are a lot of options available to you that can keep you from having to contact them. If your looking for help with secured debt maybe contacting them would be a good idea. But if you have unsecured high interest debt such as credit cards, medical bills, private student loans there are other options and companies you can contact for help.

[@daveforeman6931]

For those who are receiving Social Security- YOU ARE JUDGEMENT PROOF. Federal law protects you totally. They cannot get your money. Many good youtube videos regarding that.

[@edgar22452]

Exactly! SSI PEOPLE ARE EXEMPT FROM LAWSUIT.

[@GIG_DUDE]

"your credit will take a hit and after you pay you should be back on track"> LIE!!!