Debt consolidating services
Debt settlement and debt consolidation are two forms of financial help for people struggling with more debt than they can repay.
The two terms are often used interchangeably, which leads to a great deal of confusion on the part of consumers, who may not realize that these are vastly different debt relief services.
Also, there normally is a transfer fee involved (2–3% of the balance being transferred) and an expiration date (usually 12–18 months) on the 0% interest rate.For people who feel helpless with their financial situation and don’t want to declare bankruptcy, debt settlement could be the short-term answer.However, if there is a chance to weigh the advantages of debt management vs.debt management program is a popular choice because it typically includes credit counseling and education programs to help you to identify the causes of your financial problems.Credit counselors also can provide solutions that you can take with you after completing the program.
You, or a representative negotiating for you, make an offer to your creditor to settle the debt for less than what is owed.