DIY Debt Settlement Pros and Cons

Published April 2021

If you are one of the millions of Americans in credit card debt and you’ve been exploring your debt relief options, you’ve likely already discovered that there’s a lot of information to take in on the subject.


Key Points: 

  • Debt settlement is a process that involves working with your creditors to create a debt reduction plan.
  • The negotiation process takes considerable time, effort, and patience. 
  • ClearOne negotiators work with creditors every day to get the best possible settlement agreements.

If you have over $10,000 in credit card debt, you may have already narrowed those options down and decided that debt settlement is the right choice for your circumstances.

Now, you have another choice to make. Will you choose to pursue debt settlement on your own or work with a debt settlement company? There are pros and cons to both options. Here are some factors to consider as you make your decision.

Understanding the Process of Debt Settlement

Debt settlement is a process that involves working with your creditors to create a debt reduction plan. Sounds simple, right? In theory, maybe, but in practice, it can be a long, tedious process. 

Your creditors are not obligated to work with you to reduce your debt. In our years of experience in negotiating with creditors on behalf of our clients, we have observed that creditors vary widely in their willingness to negotiate. Some are amenable to negotiation, while others are less so.

If you only have one credit card and you owe less than $10,000 on that card, you might be able to resolve your debt on your own if you’re up for spending the time and effort it takes to go back and forth with your credit card provider in a process of negotiation.

However, if you owe money to multiple credit card companies, choosing a DIY approach means that you will need to go through a negotiation process with each of those companies individually, a task that takes considerable time, effort, and patience. 

Assuming you have the time and patience to expend that effort, you will also need to have some decent negotiating skills. There is no room for timidity in the debt settlement process. Persistence and calm resolve can go a long way toward helping you secure a reasonable settlement agreement. If the thought of negotiating with your credit card company makes your knees go weak, however, you should not choose a DIY option. There are professional debt settlement companies like ClearOne Advantage that are ready to handle everything for you.

Pros of DIY Debt Settlement

Cons of DIY Debt Settlement

No fees to pay a debt settlement company

May result in a less favorable settlement overall

Total control of the process

Total responsibility for the process

Potential faster repayment of debt 

Requires more time, patience, effort, and negotiating skill than you may have at hand


Involves working with each individual creditor on your own


Debt Settlement Streamlined: ClearOne Advantage

You don’t have to handle debt settlement on your own. You can streamline the process and get the best possible outcome by leveraging the expertise of a proven team of debt settlement professionals. At ClearOne Advantage, our Certified Debt Specialists talk every day with clients to find the right solution to their debt issues. It all starts with a brief phone call to 866-481-1597. 

With deep industry knowledge, our team of professional negotiators work with creditors every day to get the best possible settlement agreements for our clients. We’ll negotiate on your behalf, doing the heavy lifting for you so you can focus on other things -- like what you want to do when you are totally debt-free.  

Why wait another day? Get a free savings estimate and start on your journey to being debt-free with ClearOne Advantage today.

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Topics: Debt Consolidation