http://www.debt-information.com/debt/debt-settlement-service.html There is no way we can keep the cons from you. Here is the one huge downside to enlisting a debt settlement service. This is something to think about prior to enrolling in any company's debt settlement service . en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 We simply cannot feed you to the lions. It is not in our nature. It would be unethical and cruel for us to take advantage of someone suffering from debt. Besides, that's what credit card companies and lenders are for. When considering a debt settlement service, it is important that you know all the facts. That is why as great as a debt settlement service can initially sound, there are drawbacks, and you should know about them. The problem with debt settlement The very best of our knowledge, and we are the experts, there is one major flaw when it comes to debt settlement services. One downside--some future lenders (mortgage lenders, for example) will steer clear of someone who's enrolled in a debt consolidation program or debt settlement because a lot of people who enroll in these programs don't finish. Instead, they end up filing for bankruptcy and not utilizing the debt settlement service to its full capacity. If a lender gives a loan to someone in a debt consolidation program or in a debt settlement program, they think there's a risk of the consumer filing for bankruptcy. If that happens, the lenders don't get their money. So, essentially, it is a catch twenty-two. The dreaded bankruptcy issue is up to you. If you don't finish the program, you do have some repercussions to worry about. While bankruptcy is not life threatening, it is something to think about. Bankruptcy can haunt your credit rating and leave a nasty blemish for years to come making it difficult to take out credit cards, buy a house, and buy a car. With bad credit, it could even be difficult to earn a grocer's card. So now you must ask yourself if you have it in you. WIll you complete the debt settlement service program, or become another bankruptcy statistic? Hopefully, you and your debt settlement service will run off into the sunset and live happily ever after. Sat, 26 Jul 2008 15:00:00 EDT