Lower credit card debt without consolidating

Posted by / 30-Aug-2017 16:59

Debt Consolidation Loan: While debt settlement and debt consolidation are used interchangeably by many in this industry, an actual debt consolidation loan is different from a debt settlement plan.With a debt consolidation loan you get a loan to pay off your creditors and then only make payments to one lender, usually a bank or a credit union, though a few of the settlement companies in our review have a separate division that offers debt consolidation loans.We spent another 20 hours interviewing these debt relief companies and conducting secret-shopper-style customer calls.

One thing to note is that this is on top of what you pay your creditors.

In a debt management plan the credit counselors will negotiate a reduction on interest rates and fees with your creditors.

These take longer than a debt settlement plan, typically five to seven years, and can also be detrimental to your credit score.

Once you join you’ll get access to a dashboard that lets you track the progress of your settlement, see how much you’ve deposited and access useful budgeting and financial tools.

You may want a more personalized approach, and for that we recommend New Era Debt Solutions.

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Our pick for the best debt settlement company is National Debt Relief.

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