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(image: https://picography.co/page/1/600)Debt Consolidation or. Debt Settlement: Which one is better?
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Debt Consolidation and. The Debt Settlement Option: What is Better?
Debt consolidation and debt settlement Both have advantages and pros and. Which is best for you is based on your specific circumstances.
By Sean Pyles Senior Writer | Personal finance and financial debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds on NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and actionable money advice, Sean provides real-world guidance that will help people improve the financial situation of their lives. In addition to answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and also creates special segments on topics such as the racial wealth gap, how to start investing and the history of student loans.
Before Sean lead podcasting at NerdWallet the company, he also wrote about topics concerning consumer debt. His writing has been featured in USA Today, The New York Times and other publications. When when he's not writing about personal finance, Sean can be found digging around his garden, going for runs and taking his dog for long walks. He lives in Ocean Shores, Washington.
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 with The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Previous experience included copy and news editing for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism in The University of Iowa.
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You're trying to pay down . What is the best way to do it? or debt settlement?
They sound alike They sound similar, but they refer to two different things- and one can create more issues for you.
It's time to cut your debt
Join the link to sign up and track everything from mortgages to credit cards from mortgages to credit cards all in one place.
Debt consolidation
In this case, several debts are rolled into a single one. It is possible to use a balance transfer credit card, , home-equity loan or 401(k) loan.
Why you might choose this:
For a lower interest rate than what you're currently paying, that will help you save money and helps you get rid of your debt faster
In order to reduce the number of payments you're making
If it's a debt to pay down is manageable in you can type
• How to pay off your debts:
Debt settlement
is risky because you withhold the payment from a creditor, and then, once your account is severely indebted attempt to negotiate a lower payment to satisfy the debt.
Withholding payments can ruin your credit score and can lead the possibility of being sued for payment. There's no guarantee that the creditor will accept a settlement.
You may try hiring or trying the services of a firm, but be careful this field is filled with scammers. The Federal Trade Commission recently ordered 11 of these companies to stop their advertising, claiming that they took tens of thousands of dollars in cash from consumers , and provided the companies little or no benefit.
The reason you should consider it:
Do this only if have a credit card that's long-delinquent, or in the process of being , and you think the creditor may take a partial installment. You're not risking much since the damage has already taken care of.
About the author: Sean Pyles is the executive producer and host of the NerdWallet's Smart Money podcast. His writing has appeared on The New York Times, USA Today and elsewhere.
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