Reducing Debt
July 16th, 2008A debt reduction service company will usually start by speaking with your creditors and negotiating for a reduction in total charges owed them. You then make a monthly payment to the service company and they in turn pay your creditors.
This payment amount is the total of monies owed to your creditors and a service fee to the debt reduction service company. Their fee is usually the dollar amount that they have saved for you through their negotiations with your creditors. You could save that fee by doing your own negotiations.
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