When considering different options to deal with your debt you have several paths to choose. Debt settlement, credit counseling, debt consolidation and minimum payments are all viable options. To analyze the costs over time we used a sample client of $12,000 initial enrolled debt.
Results showed debt settlement is the lowest cost and most efficient program. The cost associated with debt settlement was about $9,000 which took about 36 months to complete. Then credit counseling $15,000 and about 60 months to complete. Credit consolidation cost about $15,500 and about 60 months to complete. Lastly, continuing on with making minimum payments was the least cost effective at $33,000 and continued indefinitely.
In conclusion, debt settlement reduces your debt quickly and you pay substantially less than what you owe. Remember, their are other impacts of these programs that were not considered. Like impacts on credit, etc.