Assalamu Alikum Shaikh, I have $70,000 in total credit cards debts. I pay $1,400 in monthly payments which includes interests. I want to stop paying interest but don't have the money. Can I settle this debt through a debt settlement company and pay only a portion of that debt? The creditors will "waive or forgive" the rest of the money and accept a reduced amount to settle the debt. If I do this, I'll be debt free in two years. If I don't do this, I'll paying interest for 40 years. Please let me know of the answer and Jazakum Allah Khairan. Assalamu Alikum

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.

If this company which will settle the debts does so in a lawful manner, then this is what is required from you to do as a way of avoiding Riba (interest and/or usury). However, if you will enter another Riba contract, then this is not permissible.

For more benefit, please refer to Fatwa 90514.

Allaah Knows best.