While getting out of debt sounds great, consumers using debt settlement companies often fail to realize the dangers. You may be able to reduce your debt but the negative impact on your credit scores may not be worth it.
Once a collection account lands on your credit reports it can stay for up to 7 years from the date of the original account’s default regardless payment. Paying a collection account does improve credit scores but only under FICO 9 scoring system.
The minimum payment on credit accounts should be used as a convenience only because paying only the minimum could mean you end up paying 3 times the original purchase.