Debt Settlement

[prof4027]

I have contacted two debt settlement companies, both of whom have offered to settle my credit card debt at approximately 50% of my unsecured debts. Their fees are $49.95 and $50 per month until all debt is settled. How can I determine whether a company is legitimate? Are these fees reasonable? Is there a better way to settle revolving debts that I am unable to pay? I am eligible to retire next year, and would like to reduce my debts before I do so.
Thank you, prof4027

 

[presutin]

Check the Better Business Bureau website and your state's Attorney General office to see if there are any formal complaints filed against them. We don't know what the amount of your debt is so one can only guess what is reasonable. As far as a better way, if you tried to do it directly with the companies and went nowhere and you tried with these settlement companies and got somewhere, you should be able to make that judgement call.