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If I Use a Debt Settlement Company to Settle Debt, When Will I Be Debt Free?

So lets say you’ve made the decision to settle your debt in order to get out of debt as quickly as possible without filing for bankruptcy. How long will it take to be debt free? Of course the timeline for a debt settlement plan depends on several factors regarding your personal situation:

– How much debt do you have relative to your income?
– How effective the company you choose is at negotiating your debt?
– Who you owe money to?

Generally, debt settlement companies such as these will discuss these questions with you during your free consultation. Then they will provide you with a personalized recomendation, a monthly payment budget, and plan that includes a timeline for reaching your goal of debt freedom.

The industry standard is to have a 3 year maximum timeline for the debt settlement process. In a typical client situation, the plans try to get their clients to be debt free between 18 and 36 months. Be cautious of plans that extend beyond that as often the debt settlement company fees over a longer time frame than 3 years do not justify the savings you hope to incur. Honest companies that settle debt should want to graduate you out of their program as fast as possible and will have your best interest in mind, rather than those looking to rack up fees.

Three years (or less) is really not that long to be debt free if your other alternative is bankruptcy and a mountain of debt that seems to grow daily no matter how hard you try to reverse it.