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Don’t believe these myths about settling credit card debt

If you find yourself bogged down by credit card debt, it's easy to believe that there is no way out. Fortunately, this nothing more than a myth.

Despite the fact that you are in a difficult position, there are steps you can take to regain control of your finances.

However, before you do anything, it's important to come to grips with the many myths associated with settling credit card debt:

-- It's easy to get your credit card debt cut in half. While your credit card company may be willing to negotiate, depending on the circumstances, there is no guarantee of success.

-- A credit card debt settlement company can guarantee results. It would be nice if this was true, but it's not the case. There is no way to guarantee that your credit card company will agree to a settlement.

-- Debt settlement has no impact on your credit score. This is one of the most common myths. It's also one that can harm your financial situation in the future. Believe it or not, this can harm your score in the same manner as bankruptcy.

With all this in mind, you may have concerns about attempting to settle credit card debt. Even though there are sure to be some challenges standing in your way, don't hold yourself back from learning more.

Once you separate fact from myth, you can better understand how to settle credit card debt and what this will mean to your future. At that point, it's easier to be more confident in every decision you make.

Source: CreditCards.com, "8 myths about settling credit card debt," accessed May 17, 2017

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