Why might a consumer seek a debt settlement company?

A consumer might seek a debt settlement company primarily to negotiate lower debt amounts, often at a fraction of the original cost. This approach involves the company working on behalf of the consumer to negotiate with creditors to reduce the total amount owed. The goal is to settle the debts for a lesser figure than the consumer actually owes, thereby allowing them to become debt-free more quickly and with less financial burden.

Debt settlement can be particularly appealing to consumers struggling with unaffordable payments or those who may be facing financial difficulties and looking for a viable way to manage their debts without resorting to more drastic measures, such as filing for bankruptcy. By potentially resolving debts for less than what is owed, consumers can regain their financial footing while avoiding the long-term consequences associated with defaulting or bankruptcy.