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A Side-by-Side Comparison Of Debt Consolidation And Debt Settlement

By Wayne Wilson

Although debt consolidation and debt settlement are both popular debt relief solutions these days, these two programs differ greatly. Understanding the unique differences between these two solutions will help you decide what solution will work better for you and your needs.

There are advantages and disadvantages associated with both forms of debt control. Let’s examine both options further to identify the differences, the advantages, and the disadvantages of each debt solution.

It is quite easy to work with a good debt consolidation agency. With the help of a debt consolidation loan, you can pay off your creditors with one consolidated payment. Sometimes, a debt consolidation loan could help lower your interest payment as well.

In contrast, debt settlement is a lengthy program and it can take several years before you see a resolution. You may have to hire a lawyer in order to get settlement arrangements underway, and there are myriad fees associated with such programs.

Some creditors may or may not be willing to work with a debt settlement representative or agent too and you will have to work out what bills you can get under the settlement program as well as the debts belonging to creditors that are less flexible. You may find that creditors like MasterCard and Visa are far less willing to settle your debts.

In the beginning of debt settlement, it is overwhelming to work with the debt settlement company and creditors and negotiate the debts and fees involved.

Debt consolidation, when comparing to debt settlement, is a much more private process without publicity or advertising involved. Debt consolidation services allow debtors to save enough funds over a period of time so they would pay off multiple debtors via one consolidated payment every month.

To sum up, both debt consolidation and debt settlement options have their own advantages and disadvantages. So it is necessary for you to research about both debt options and decide which one works better for you.

Don’t be afraid to make the decision and pick the debt relief option that is going to work best for you and your needs. Remember to work with a good debt consolidation or debt settlement company that will have your best interest in mind.

Looking to find the best deal on debt consolidation services, then visit Debt Consolidation Programs at www.DebtConsolidationRatings for more useful debt management tips.

categories: debt consolidation, debt settlement, debt consolidation loans, debt consolidation services, debt consolidation programs

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Topics: Debt Consolidation | Comments Off

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Article Citation
MLA Style Citation:
Wilson, Wayne "A Side-by-Side Comparison Of Debt Consolidation And Debt Settlement." A Side-by-Side Comparison Of Debt Consolidation And Debt Settlement. 17 Jul. 2010. uberarticles.com. 20 Aug 2014 <http://uberarticles.com/finance/debt-consolidation/a-side-by-side-comparison-of-debt-consolidation-and-debt-settlement/>.

APA Style Citation:
Wilson, W (2010, July 17). A Side-by-Side Comparison Of Debt Consolidation And Debt Settlement. Retrieved August 20, 2014, from http://uberarticles.com/finance/debt-consolidation/a-side-by-side-comparison-of-debt-consolidation-and-debt-settlement/

Chicago Style Citation:
Wilson, Wayne "A Side-by-Side Comparison Of Debt Consolidation And Debt Settlement" uberarticles.com. http://uberarticles.com/finance/debt-consolidation/a-side-by-side-comparison-of-debt-consolidation-and-debt-settlement/


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