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Debt Consolidation vs. The Debt Settlement Option: What is the Better Option?
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Debt Consolidation and. The Debt Settlement Option: What is the Better Option?
The debt consolidation and the debt settlement Both have advantages and cons. Which is best for you will depend on the circumstances you face.
By Sean Pyles Senior Writer | Personal financial and debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds across the NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and actionable money advice, Sean provides real-world guidance to help people improve their financial lives. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and produces special segments that explore subjects such as the racial gap in wealth and how to begin investing, and the history of college loans.
Before Sean was the host of podcasts at NerdWallet He also covered issues that dealt with consumer debt. His writings have appeared on USA Today, The New York Times as well as other publications. When when he's not writing about personal finances, Sean can be found playing in the garden, taking runs , and walking his dog for long walks. He is based in Ocean Shores, Washington.
Last updated Aug 5, 2021, 12:55 PM PDT
Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included news and copy editing at several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in journalism and mass communications from the University of Iowa.
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You're trying to pay down . What is the best way to do it? instead of debt settlement?
They sound alike however they are two different things- and one can create more problems for you.
It's the time to pay off debt
Register to join the link and keep track of everything from credit mortgages to credit cards in one place.
Debt consolidation
In this case, several debts are combined into one single one. You can make use of a balance transfer credit card, home equity loan and 401(k) loan.
Why you might choose this option:
to get a lower interest rate than you're paying now, which will save you money and can help you pay off your debt sooner
To reduce the amount of payments you're making
When it's a debt get rid of is a manageable amount and you can type
• How to pay off debt:
Debt settlement
is risky because you withhold payments from a lender and, after your account is in serious delinquency you should try to negotiate a lower payment to satisfy the debt.
Withholding payments can ruin your credit scores and opens you to being sued for payment -- and there's no guarantee that the creditor will accept a settlement.
You may try hiring or trying an organization, but beware that this industry is full with scammers. It was reported that the Federal Trade Commission recently ordered 11 of these companies to stop their advertising, claiming that they stole tens or thousands of dollars in cash from the public and offered them little benefit.
Why you might choose this option:
Try this only if you have a credit card that's long delinquent or in , and you think the creditor is willing to accept a partial payment. There's nothing to lose since the damage is already been done.
About the author: Sean Pyles is the executive producer and host for the NerdWallet's Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.
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