Why Would You NOT Want to Work With a Debt Settlement Company to Reduce Your Debt?

By: Kate Ward | September 3, 2015 (Edited July 7, 2017)

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BestDebtCompanys.com (BDC) released a new survey about why people choose not to work with debt settlement companies to lower their overall debt. This survey provides a look at the variety of reasons people want to settle debt on their own.

The survey, which had 1,000 respondents, asks the question: "Why would you not want to work with a debt settlement company to reduce your debt?"

Here are the following responses with their corresponding percentages:

  • I don't have enough debt to need a company-42 percent
  • I don't trust debt settlement companies-29 percent
  • I don't know what these companies do-13 percent
  • I want to get out of debt myself-13 percent
  • It takes too long to settle my debt-3 percent

The majority of respondents, 42 percent, felt that they did not have enough debt to need a debt settlement company. Most debt settlement companies require a minimum debt of $10,000 to qualify for help. It seems people feel they are on top of their finances are do not require assistance.

The next highest answer was "I don't trust debt settlement companies" with 29 percent. This response helps portray the lack of trust people have with debt settlement companies.

With the second most responses, lack of trust with debt settlement companies is clearly an issue that is not going away anytime soon. The BDC team sees this as an opportunity to help show people the companies they can trust when it comes to their debt.

BestDebtCompanies.com provides unbiased reviews of over 145 companies in the debt industry. These reviews, based on our ranking criteria, combined with real user comments, helps consumers get a better understanding of each company.

The BDC team stands behind each company they recommend and know potential customers will be able to get on the right path to settle their debts.

BestDebtCompanys.com strives to provide customers with unbiased reviews and allows users to have a voice.

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Written by Kate Ward

Kate has a degree in communications and enjoys being outdoors.

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