If you have ever had credit card debt before then you know how annoying it is to receive calls, letters, and even e-mails asking for payments. Once you enter a debt negotiation program, you'll be on your way to reducing and paying off your debt, and those calls will often stop almost immediately.

Con: Temporary Setbacks

Sometimes with credit card negotiation, your credit score will temporarily take a hit. This may have you running for the hills, but do not give up just yet. As the phrase goes, some times you have to take a step backwards to take two steps forward. And remember, by making your payments on time your credit score will eventually come back up.

Pro: Improved Credit

If you have been in debt for a while then your credit may already have been affected. However, it is never too late to get your credit back together. Debt specialists will usually work hard to negotiate your debt down to a manageable amount, which will help you improve and manage your credit.

Con: Creditors Get Stingy

Occasionally when creditors are being negotiated for less, they start to get a little stingy. In the worst-case scenario, they may take you to court in attempt to get all of their money. However, many debt negotiation programs provide insurance for this type of situation, and to be perfectly honest it very rarely actually happens.

Pro: Personal Service

When you hire a company to help reduce your debt, you will be assigned a personal negotiator that will work on your specific case. That specialist will get to know you and your case very well, which will make it easier for them to speak on your behalf and more likely to lower your debt quickly and efficiently.

Con: Not Everyone Qualifies

While this could also be a pro in a way, most debt negotiation programs require certain qualifications for their services. One qualification is that you have a minimum amount of debt, and the specific amount will vary by company, but is usually around $10,000.

Pro: Reduced Debt

The biggest and best pro of all is the end result, reduced debt. Some debt negotiation services boast they can lower your debt anywhere from 40-60%, which can amount to quite a chunk of cash. Although the specific reduction percent will vary per client, in the end the debt is almost always reduced by a significant amount.