What is Debt Settlement

Debt settlement is another approach to ridding yourself of debt. For those facing a significant amount of debt, the process of debt settlement could notably reduce the amount that you as a consumer will pay in order to become debt free. Based on both the amount of debt you’re in and you’re monthly income, a practical plan is created to help you get out of debt in 24 to 48 months. Debt settlement is for those facing a serious financial hardship that has significantly decreased the amount of money available to pay off the debt that you owe, whether it be a job loss, decrease in salary, increased mortgage payments, unforeseen medical costs, or high interest rates.

When you enter into a debt settlement program, you begin to save up money that will eventually be used to negotiate a settlement with each of your creditors. Creditors often settle for less than what you owe because they know that your only other option is bankruptcy, in which case they wouldn’t recover any of the balance due. Debt settlement is advantageous for both parties, as the consumer is relieved of their debt and the creditor receives a portion of the money owed.

Kazlow and Tucker is a debt settlement program that typically negotiates a client’s total debt down to an average of 45-75% of what was originally owed. Keep in mind that this is an estimate and is representative of the percentage that you pay overall rather than the percentage on each card. Some cards will be settled for 100% of what was owed, but others may be settled for as low as 20%. Our goal is to significantly reduce the overall amount that you will pay on your debt so that you can be debt free as soon as possible.