Credit Card Debt Settlement is a process where a borrower negotiates with the credit card issuer to reduce the total outstanding debt. Typically offered to individuals facing financial hardships, this option allows them to make a lump-sum payment or smaller installments for a lesser amount than owed. While it helps borrowers manage unmanageable debt and avoid legal action, it can negatively impact their credit score. Debt settlement is a viable option for those seeking financial relief and a fresh start.
