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Some pros of settling include: Reducing the overall number of dollars owed Negotiating a number that you will realistically be able to pay off soon Potentially freeing yourself of all credit card debt and other financial burdens Fending of looming bankruptcy Improving your overall mental health and wellness.
You are still legally obligated to pay the debt, though, and your lender can sue you for the amount you owe until it’s paid (or settled in bankruptcy). It may be sold to a debt buyer or transferred to a collection agency – and those institutions are usually ruthless in hounding you for payment.
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