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In the Debt Management field, Debt Consolidation vs. Debt Consolidation: What Is Better?
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In the Debt Management field, Debt Consolidation vs. Debt Consolidation: Which Is Better?
Consolidation and debt management are two paths to relief from debt. Which is best for you is based on your circumstances
Written by Sean Pyles Senior Writer | Personal financial, debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet's "Smart Money" podcast. The show "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and practical money tips, Sean provides real-world guidance to help people improve their financial lives. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and creates special segments to explore topics such as the racial gap in wealth and how to begin investing, and the history of student loans.
Before Sean was the host of podcasting for NerdWallet He also covered issues concerning consumer debt. His work has appeared throughout the media including USA Today, The New York Times and elsewhere. When when he's not writing about personal finance, Sean can be found digging around the garden, taking runs , and taking his dog for long walks. He is based in Ocean Shores, Washington.
Updated August 5, 2021 12:54PM PDT
Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes copy and news editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism from the University of Iowa.
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The debt management process and the consolidation can both combine several debts into one, with a lower interest rate. This can help you more quickly and save you money.
The best approach for you is based on the kind and amount of debt you have.
It's debt-crushing time
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Debt management
A rolls several credit card debts in one monthly payment and reduced interest rate.
The repayment plan typically lasts between three and five years and generally, you can't create new credit lines or utilize credit cards during that period. The plans mainly address debts from credit cards, not student loans medical bills, personal loans.
Why you would choose this:
The majority of your credit card credit card
You have more debt than you can reasonably consolidate
Your credit score won't be able to get you for the debt consolidation service you're seeking, like the balance transfer credit card, or
You'd like to have the external discipline the plan enforces to prevent you from adding to your balances
Seek out a start-up debt management plan. Many agencies provide plans online or over the phone.
Consolidation of debt
rolls several debts into a single new one, ideally with a lower rate of interest. There are a few ways to do it using the personal loan or balance-transfer credit card, 401(k) loan or home-equity loan.
You'll require excellent or great credit to qualify for lowest interest rates on a personal loan or balance transfer credit card.
Why you would pick it:
You can qualify for a lower interest rate than you're paying now and save you money and can help you pay off debt more quickly.
You want to cut the amount of money you're managing
You are able to keep access to credit while paying down the debt
The author's bio: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His work has appeared on The New York Times, USA Today and elsewhere.
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