Best Business Debt Settlement Companies | August 2022
If you are struggling to pay your business debt, you may be able to negotiate with your creditors a reduction in the amount you owe. Although most debt settlement companies focus on consumer debt, some firms also handle debts for small and medium-sized companies.
American businesses have accumulated nearly $10 trillion in debt. That's roughly half the gross domestic product (GDP) of the United States. If you're a business owner who is struggling with debt, it may feel as though you'll never pay it off. But there's still hope. A business debt settlement company can help you to settle your debt for less than the full amount. However, negotiating a debt settlement is not something you should take lightly. There are risks involved. For instance, this strategy will hurt your credit and the IRS may tax the savings you make from the settlement.
Although it is possible to work out a settlement on your own, many people prefer to hire a professional company to negotiate on their behalf. If you decide to hire a business debt relief firm, take your time to compare firms and find the best fit for your financial situation. Here is SuperMoney's list of the best business debt settlement firms available based on our ranking algorithms and community member recommendations.