Debt Settlement and Debt Consolidation - What's the Difference?

Let's talk about the differences between these two basic deft relief programs, debt settlement and debt consolidation and what some of the advantages and disadvantages may be for you. Debt settlement or debt negotiation is a credit counseling option that can save a considerable amount of money over paying the balances back in full. By way of debt settlement, a debt relief company can get your creditors to reduce your debt by a negotiated amount. Once you have paid the agreed-to amount, you are legally out of debt. Debt consolidation is a creditor sponsored program to help people pay back their balances in full plus interest.

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