In the recent economic recession, there has been an uprising of offers to file for bankruptcy and to reduce your debt. These offers sound like solutions to all of your problems, right? Well good news is, is that for the majority of people who stick to the program, these options do work. The only question about these programs, however, is whether or not they negatively affect your credit score.

Look at it like this, anything short of paying cold hard cash upfront to settle your debt, is going to smack your credit score down a couple notches. This doesn’t mean that you’re better off sticking with what your doing now, but it’s more of a reality check that while you may be settling your debt, in the long run you should have paid your dues on time.

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