Let#x2019;s assume that you are in debt up to your eyeballs; creditors are calling demanding payment, and you can see no way out of the morass that you are in. Is there any action to can take to begin to crawl out of the debt hole that you find yourself in?
First things first, my advice is not to use a debt consolidation or debt settlement firm to resolve your situation. Remember that a debt consolidation firm is a for-profit concern, unlike a consumer counseling firm, which is usually nonprofit.
A debt settlement firm will tout that they can negotiate with lenders and reduce the amount of debt that you owe. In fact, creditors will sometimes refuse to work with these companies.