Credit Solutions Reviews

Credit Solutions is the largest debt settlement company in the US. According to their own website, they have settled over $800 million in credit card debt since they were founded in 2003

Right off the bat there is some good news. For one, Credit Solutions is over 6 years old. Many debt settlement companies have sprung up very recently and take the money and run. Not Credit Solutions. They have been around longer than most debt settlement companies and they will be around for many years to come.

People are struggling with big credit card debt problems these days and Credit Solutions helps people solve their debt problems by reducing what they owe. When you reduce your credit card balances, you will owe less each month and you will have more money in your pocket each month that you can use for other purposes other than paying your credit card bills.

How does Credit Solutions work?

As a debt negotiation firm, they will contact your credit card companies and try to get your creditors to lower your balances. Both sides are looking for a win win situation - and they can usually get one when you pay some of what you owe - the creditors win, and you lower your total balances - you win.

Your results will vary but in most cases you can reduce your balances significantly more than with credit counseling or debt consolidation. Credit Solutions is not available in all states so if you live in CT, DE, GA, ID, IN, KS, KY, ME, MN, MS, NH, NJ, NC, OH, RI, SC, TN, UT, VT, WA, WV, WI, or WY, you will not be able to use CSA.

You can talk to Credit Solutions free and see how much money you can keep in your pocket each month instead of giving it to your credit card companies and paying high interest rates and fees.

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How much does debt settlement cost? 

When you go with a debt settlement company to settle your debts, you can expect to pay 15% of what you owe as their fee.  This is usually covered in your monthly fee that you pay which includes your settlement funds. 

You may also have to pay taxes on the debts that are discharged.  This counts as income so you will get a tax form and you will need to pay taxes on the debts forgiven if you get a form.   

There are some instances where debt settlement will cost you more than filing bankruptcy.  This is the initial fee that I am referring to.  When you file bankruptcy, even if it only costs you $500-$2000 to file, you will be paying the consequences for at least 7-10 years, possibly longer.  This would make bankruptcy cheaper upfront but not overall.  It will cost you much more in terms of higher loan and interest costs and it could cost you job opportunities.  So if you are thinking about saving money by filing bankruptcy, you should think again and talk to a debt settlement company like Credit Solutions.