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Debt Settlement vs. Debt Consolidation
Debt consolidation and debt settlement are nearly identical. The idea behind each program is to combine all of your outstanding debts into one monthly payment. When you enroll in a debt consolidation program, you will work with a debt settlement expert. This person will negotiate with your creditors to reduce the total amount of debt you owe. In most cases, the interest fees you are charged will also be reduced to help you pay off your debt in less time.
Many of the people who work with debt settlement specialists have already worked with a debt consolidation company, but were either unsatisfied with the results, or were simply unable to pay off the debts despite the renegotiated debt amount.
Debt settlement can provide a faster way to eliminate debts for less money. The idea is to avoid bankruptcy if at all possible. If you have to file for bankruptcy, you are not going to be able to pay any of your debt. This will be terrible for your credit score, but your creditors won’t get a penny of what they are owed either. This is why it is in their best interest to negotiate with you and come to an acceptable settlement.
Many of the people who work with debt settlement specialists have already worked with a debt consolidation company, but were either unsatisfied with the results, or were simply unable to pay off the debts despite the renegotiated debt amount.
Debt settlement can provide a faster way to eliminate debts for less money. The idea is to avoid bankruptcy if at all possible. If you have to file for bankruptcy, you are not going to be able to pay any of your debt. This will be terrible for your credit score, but your creditors won’t get a penny of what they are owed either. This is why it is in their best interest to negotiate with you and come to an acceptable settlement.
- Reduce the total amount of debt you owe
You can save anywhere from 40-60% when you settle your debts, depending on the credit card company you are with. The long-term savings will be huge, considering your debt is paid off in less time, and with less interest payments.
- Be debt free in less time
Assuming you have $10,000 in credit card debt, it will take you an average of 10 years to pay off the debt you owe if you make the minimum payment each month. By enrolling in a debt settlement program, you could be debt free in as little as 2 years.
- Avoid bankruptcy
When you file for bankruptcy, you will destroy your credit and it will be impossible to get any type of loan for at least 7 years. Rather than suffer through this process, contact a debt specialist and negotiate with your creditors.
- Save money by not having to contact an attorney
If you file for bankruptcy, you will have to work with an attorney, who will charge you thousands of dollars. Why put yourself back in debt when you’re trying to get out of debt? You can get a free debt consultation, and the debt repair programs are very inexpensive in comparison to legal fees.
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