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Term of the Day
debt settlement
consumer credit counseling
Certified Consumer Debt Specialist (CCDS)
Definition
The process of a
creditor
and
debtor
agreeing to
settle
an
outstanding
debt
for a certain
amount
of
money
. For instance,
Sue
may
owe
$10,000, but her creditor may settle the debt for $7,000 if she
pays
the debt off in 7 days.
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Related Terms
consumer credit counseling
Certified Consumer Debt Specialist (CCDS)
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