Debt settlements are typically where a law firm or other agency negotiates your debt with your creditors. This usually closes your accounts from future use and your creditors will note the debt settlement on your credit report. This affects your ability to get future loans and increases your rates on the loans for which you’re approved.
Payoff will not negotiate with your creditors. We will empower you to eliminate your balances and improve your financial wellbeing. We won't require you to close your cards, and won't hurt your credit as long as your loan is managed responsibly.