Will debt settlement crash my credit score?

Has anyone ever used this? I have quite a heavy load of debt and want to consolidate to reduce fees, etc. Has anyone ever heard of these guys: APEX FINANCIAL SERVICES DEBT SETTLEMENT PROGRAM Smart, easy and proven alternative to bankruptcy! Debt Settlement REDUCES your debt by as much as 40% to 75%! You could be debt free in as little as 12-36 months. Our negotiators have settled millions in consumer debt. Please let me know if you've had any experience or have any advice. I have about 5 revolving credit lines (including car insurance, etc.) and want to consolidate all to one account, or use the service I mentioned above. Any advice is appreciated!

1) Unless you are seriously behind these services will only hurt your credit score. It may seem like you are drowning in bills, but you really do not have that many. Your best course of action is to reduce spending and aggressively pay the debts you have accumulated.

2) I don't know much about the company. Be aware that if you opt for a debt settlement program, during the life of the program, you will not be making payments to the creditors, but rather you will save on the monthly basis and pay them in lump sum, one at a time. Your credit will not be good, at the minimum for the life of the program and maybe even 1-2 years after you finish the program as well. When you are looking for debt settlement, you should make sure you thoroughly research the firm that you want to do business with. You should also check the company's credentials with the Better Business Bureau. I have looked at one firm and they seem to be the leaders in this business: http://www.freedomdebtrelief.com You can get a free consultation by calling toll free at 1-800-544-7211. All the best.

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