Debt Counseling Services

Debt Settlement - Debt Consolidation

Debt settlement companies, and debt consolidation programs have similar goals; eliminate debt and avoid bankruptcy. However, these debt programs differ in several ways.

Debt Settlement Programs

Debt settlement programs negotiate with your creditors and accumulate your payments in an FDIC federally insured account, and do not disburse money to your creditors until 3 parties have agreed on a favorable settlement. The 3 parties being yourself, the creditor and the debt settlement company. Typically, debt settlement programs settle debts for approximately 20% - 40% of what was originally owed. Good debt settlement companies do not charge an upfront fee for their service, rather spread the fee out during the life of the program. Please note: service fees are included in the savings quote. With regards to rendered savings from a debt settlement program understand that debt settlement software is precise, and unique to help estimate near exact figures for prospective clients.

Debt Consolidation

Debt consolidation is carried out by debt management programs which includes reduced interest rates, and consolidated bills into one fixed payment. Additionally, unlike debt settlement debt consolidation and management programs disburse payments to your creditors every month, and restructure new payment plans so that you can manage your bills and get out of debt.

Whether you're in credit card debt, or medical debt both debt consolidation and debt settlement can help but it is up to you to decide which program would best match your financial situation.

Quick Tips: If your willing to minimally sacrifice your credit score for 1-2 years, and want maximum results (settled debt) choose debt settlement. If you want your funds disbursed to creditors monthly, and willing to stay in the debt consolidation program for 3-5 years then choose debt consolidation and management. Be aware, accounts handled by debt management are shown on your credit history as handled by a third party (which is bad). Whereas, debt settlement reveals nothing. How? The settled funds are sent from your FDIC account (setup and managed by the debt settlement company), but not dispersed by the company.

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