I\'ve seen a lot of ads about this debt relief program, but really don\'t understand how it works. Will it seriously eliminate at least 40% of your total unsecured debt? I have credit card debts and would like to pay it off but just can\'t afford it. I want to be debt-free and would consider debt-relief programs but wanted to get more information on this. Anyone? I don\'t like to call these companies as they might pressure me. Any explanation/information on how debt relief programs work will be appreciated.

It will definitely help in eliminating at least 40% of your debt, which is a good thing. However, the negative side of this is that your credit score will be affected. It will significantly drop because you will be required not to make any payments while the debt relief company you are working with is still in negotiations with the credit card companies. It may take more than 90 days- it all depends on the credit card companies. So you just have to weigh the pros and the cons. If you are not looking at buying a car or a house, it should be okay.

It will help eliminate your debt faster but will mess up your credit score. Your decision should depend on your long term financial goals. If your goal is to be debt-free then you should consider this, but note that if you decide to do this, you should plan on not making a big purchase, unless you\'ll pay in cash. I have credit card debts too, but can\'t do this because of the nature of my work. I can\'t risk my credit score.