It’s a spiral no one wants to experience, but many have: You lose a job or suffer a costly illness. The bills pile up. By the time your finances stabilize, calls from collectors are pouring in. In this situation, debt settlement — where creditors agree to settle your debts for less than you owe —…

Amrita Jayakumar is a writer at NerdWallet. Email: Twitter: @ajbombay.

The article Debt Settlement Can Make a Bad Money Situation Worse originally appeared on NerdWallet.

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