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Debt Management Vs. Debt Consolidation: What is better?

 

 

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Debt Management Vs. Debt Consolidation: What is better?

 

Debt management and debt consolidation are two ways to get debt relief. Which option is the best for you is based on your circumstances

 

Written by Sean Pyles Senior Writer | Personal finance, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. In "Smart Money," Sean talks with Nerds across the NerdWallet Content team to answer questions from listeners regarding their personal finances. With a focus on shrewd and actionable money advice, Sean provides real-world guidance to help people improve in their finances. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and also creates special segments to explore topics such as the racial gap in wealth, how to start investing, and the history of college loans.

 

Before Sean took over podcasting for NerdWallet, he covered topics concerning consumer debt. His writing has been featured on USA Today, The New York Times and elsewhere. When he's not writing about personal finance, Sean can be found playing in his garden, going for runs , and taking his dog for long walks. He is based in Ocean Shores, Washington.

 

 

 

 

 

 

Last updated Aug 5, 2021 12:54PM PDT

 

 

 

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Prior experience includes news and copy editing at various Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in journalism and mass communications from the University of Iowa.

 

 

 

 

 

 

 

 

 

 

 

A majority of the products featured here are provided by our partners who compensate us. This affects the products we review and where and how the product is displayed on the page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here's a list and .

 

 

 

 

Debt management and debt consolidation can both combine several debts into one, with an interest rate that is lower. This will help you pay off debts to pay off debt faster and save money.

 

The method that is best for you is based on the kind and amount of debt you're carrying.

 

It's the time to pay off debt

 

Sign up to link and monitor everything from cards to mortgages in all one place.

 

 

 

 

 

 

 

Debt management

 

A rolls several credit card debts in one with a single monthly payment and a slashed interest rate.

 

The repayment plans typically last 3 to 5 years and typically, you aren't able to create new credit lines or use credit cards during that time. The plans mainly address debts from credit cards, not student loans medical bills, personal loans.

 

The reasons why you should choose this:

 

You have primarily credit card credit card

 

You have more debt than you can reasonably consolidate

 

Your credit score doesn't qualify you to get the debt consolidation products you're seeking, like the account for balance transfers, or

 

You want the external discipline the program imposes to stop you from adding to your balances

 

 

Seek out a start-up debt management program. Most agencies offer plans online or by phone.

 

Consolidation of debt

 

rolls several debts into one new debt that is usually with a lower rate of interest. There are a few ways to achieve this with a personal loan, balance-transfer credit card 401(k) loan or home-equity loan.

 

You'll require excellent or great credit to qualify for the lowest interest rates for personal loan or balance transfer credit card.

 

The reason you'd choose it:

 

You could qualify for lower interest rates than you're paying today and save you money as well as helping to pay off debt faster.

 

You'd like to reduce the amount of payments you're making

 

You can maintain access to credit even as you pay off the debt

 

 

 

 

 

The author's bio: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His work has appeared in The New York Times, USA Today and elsewhere.

 

 

 

 

 

 

 

 

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