Debt settlement lets you escape part of your debt but at a price to your credit score how debt settlement works how it affects credit scores creditcardscom card category. For example if your credit card issuer agrees to accept a 2000 payment on a 5000 debt when you settle a debt thats on your credit report it can affect your credit. For you a debt settlement packs a mighty punch against your credit report but it can let you resolve things and rebuild consider the opportunity cost of not settling your debt. If youre starting a business and youre applying for a business credit card so you can keep your finances and expenses in order thats also smart says ryan boggs an investment advisor representative at fourstar wealth advisors in chicago. This also will ding your credit scores because it lowers your available credit and increases your credit utilization ratio which is the amount of debt you owe compared with your available credit depending on how your credit card company reports the debt to the major credit bureaus a lump sum settlement can affect your credit scores
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