Question by Les R: What problems are involved with using these “Credit Card Debt Reduction Services”?
I see a lot of advertisement from companies that claim they can reduce your credit card debt by 40% to 60%. What is the down side to using them? If they are successfull does it effect your credit rating? What do they charge? What must your situation be for them to be able to be successfull, Broke?

Your credit score will suffer immensely. This should be looked at as a LAST RESORT only. Even if you have to cash in your 401K, do it before you even think of using a credit debt reduction company.

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