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Debt settlement companies also charge a fee for their "service." Often, the fee is anywhere from 15–20% of your debt.

Think about it this way: If you owe ,000, your settlement fees would range from ,500–10,000.

Even if you qualify for a loan with low interest, there’s no guarantee the rate will stay low.Their behavior hasn’t changed, so it’s extremely likely they will go right back into debt.Let’s say you have ,000 in unsecured debt—think credit cards, car loans and medical bills.Once their fee is accounted for, they promise to negotiate with your creditors and settle your debts. Well, the debt settlement companies usually don’t deliver on helping you with your debt after they take your money.They’ll leave you on the hook for late fees and additional interest payments on debt they promised to help you pay!

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