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The Difference Between Debt Consolidation and Debt Settlement

Did you know there is a difference?  Debt settlements differ slightly from debt consolidation. If  you are considering a loan for a home purchase, car or even personal loan, these days, it is more important than ever to build or repair your credit rating.

If your credit has any negative record (late payment, collection of public record) most companies will turn you down for a loan.  Your credit report even affects your ability to buy(finance) a new cell phone.

If you need help with credit repair you might want to hire an expert who can help get good results.  Otherwise, if you have the time and the skills, you can do it yourself but it is important that you take care of your credit issues immediately. Putting things off only add  to your troubles. On the other hand, getting things done now and addressing any issues will only yield good results and your effort will eventually pay off.

Debt settlement solutions work to reduce your monthly installments, as well as reducing the balance you owe. Some debt settlement organizations will work to reduce your bills up to 70% and claim to help you do this in less than two years. The companies will also help you rebuild your credit and avoid bankruptcy.

The Difference Between Debt Consolidation and Debt Settlement
The Difference Between Debt Consolidation and Debt Settlement

Although few debt settlement agencies and debt consolidation companies will claim to help you get out of debt fast, you must remember that none of us has the potential of being free from debt entirely. We all pay utilities, rent, mortgages, insurance, and so forth, so if you believe that you will be debt-free in as little as two years, then you are misleading yourself. The debt settlement and debt consolidation agencies may help relieve you of pending debts, but they will never be able to help you free your life of debt entirely.

Finally, the advantage of debt settlement versus debt consolidation is that you will reduce your bills, instead of paying off your regular amount owed. Debt consolidation is merely the act of combining all your bills, rolling them into one, and paying one monthly installment.

The Difference Between Debt Consolidation and Debt Settlement

I hope you’ve enjoyed this article. If so, please leave a comment below or contact me with questions or comments.

Regina L Floyd

After developing a wheat and dairy allergy over the last few years, I decided to find better ways to eat to feel better. Although I DO eat meat, I often seek out GF Vegan diet to avoid dairy and eggs (my new allergy lately). I hope you enjoy the variety of articles shared here.

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