Debt Consolidation Programs – DEBT SETTLEMENT VS DEBT CONSOLIDATION
Debt Consolidation Programs – How to Choose
#debtconsolidation #creditcards #debtsettlement
– A strategy that reduces your total debt amount – and as a result, pay less than you currently owe. if you’re behind on payments with no foreseeable end in sight, the debt settlement process can be an effective way to pay much less than you currently owe.
– Done through a series of negotiations undertaken between your representative and your creditors.
– While your representative initiates negotiations with your creditors, you establish an escrow account with monthly savings that eventually will be used to pay the reduced debt amounts.
– Depending on the total debt amount, a debt settlement plan can take anywhere from 18 – 48 months to complete.
– Consolidates all of your debts into one loan, which combines all of your debt into one single payment, providing a more simplified way of paying the debt.
– May reduce the amount of debt you owe as a result of obtaining a lower interest rate.
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