In this video, I’m going to break down the differences between credit repair, debt settlement and debt consolidation. In other videos coming soon, I’ll compare the pros and cons of each option, as well as talk about which one might be best for you.

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So, what are the pros and cons of debt relief, or debt settlement?

Let’s start with the pros. Settling your debts through a debt relief, or debt settlement company could resolve your debts in a shorter amount of time.

When you enroll into a debt relief or debt settlement company, they negotiate down your debts on your behalf with your creditors, so that way you can settle your debts for less.

Nothing happens overnight, however, in a few short years, or even months, you may be able to have your debts resolved and paid off for good.

Settling your debts may be a better option than filing bankruptcy, depending on where you’re at financially.

Everyone’s financial situation is different, so that would be something that you would have to talk with a debt expert about to make sure that debt relief or debt settlement is the right option for you.

In a debt relief or debt settlement program, you typically have one lower monthly payment that you can afford to pay, and throughout the program, when you resolve your debts, you’re settling your debts typically for less.

Okay, so here are the cons. Debt settlement could negatively impact your credit, however, if you have a high debt-to-income ratio, that may already be keeping you from getting a loan, even if you have a good credit score. You may be charged a fee if your debts are settled.

A debt relief company is not able to charge you an up-front fee. However, if your debts are settled and you’re using their negotiators and their program, then you may be charged a fee for settling your debts.

Debt settlement and debt relief companies should not charge you a fee until they have reached a settlement agreement that you have agreed to. However, they are still a business and you’re using their top negotiators to settle down your debts with your creditors for less.

Although, you can settle your debts on your own without a fee, going with the right debt relief or debt settlement company that can get you results, may be worth it.

If you’re in financial hardship, debt relief or debt settlement may be a good option for you because you can settle your debts for less and in less time. Your credit, however, may take a slight impact, but once you resolve all your debts, you can start rebuilding your credit again and start fresh.

Thank you for watching, feel free to like, comment, or share on this video below. And if you want more information about if debt relief or debt settlement is the right option for you, visit us on our website at alleviatefinancial.com.

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Easily compare debt settlement, bankruptcy and debt management plans for what it will cost you, how long it takes, and how long it hurts your access to credit.

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Do you know what debt settlement does? In this video, I explain what debt settlement is, how it works, and the pros and cons to debt settlement. What do you think of these programs? Tell me below!

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? OTHER DFM VIDEOS YOU MIGHT ENJOY
Easy Quick Debt Consolidation Explanation: https://youtu.be/qLZyt312uGU
What to do FIRST When You’re in DEBT | #1 Thing You Need to Do NOW: https://youtu.be/8utHR_SSVh0

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A Debt Management Plan may be the right option for people who are really struggling to satisfy their debts. For confidential advice from an NFCC trained, certified counselor, call 1-800-388-2227 or visit www.DebtAdvice.org.

Do you wanna know the difference between debt settlement and debt consolidation?

Let’s start with debt settlement.

Debt settlement is a program where you can settle your debts for less than what you owe.

How the process works is you enroll into a debt settlement program, they use their top negotiators to negotiate down your debts on your behalf so that way you can pay less.

Every debt settlement company is a little bit different, so make sure that you talk with your debt expert.

Do some comparisons to make sure it’s the right program for you.

Debt settlement could be very beneficial to people who are financial hardship due to a job loss, an unexpected medical bill, or maybe they just can’t afford to pay what they owe anymore.

In a debt settlement program, your credit may be impacted negatively.

However, under the FCRA, the Fair Credit Reporting Act, that your creditors have to report your accounts accurately, and that means every settlement we help you obtain will help your credit score go up.

Now, let’s go over debt consolidation.

Debt consolidation is when you take your old existing debt amounts that have high-interest payments and then you transfer the balances onto a bigger balance of a credit card or a loan with a lower interest rate to lower your monthly payments.

This is great if you wanna pay off your debts over a certain amount of time and you’re able to do so.

The dangers is a lotta people just raise their standard of living artificially through debt because now they have their old credit cards and loans that have zero balances and then they start using those as well, and then they end up with two payments and they’re in a worse situation than they were before.

If you would like more information on debt settlement or debt relief, visit us on our website at Alleviatefinancial.com.

Schedule your free debt analysis with an Alleviate Financial Solutions debt expert here -https://alleviatefinancial.com/get-st…

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#alleviatefinancialsolutions #debtrelief #debtsettlement

Kristin Malia explains the difference between Credit Card Debt Settlement Versus Consolidation and what the differences between the two.

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Transcript:

#debtconsolidation #creditcards #debtsettlement
Debt settlement:
– A strategy that reduces your total debt amount – and as a result, pay less than you currently owe. if you’re behind on payments with no foreseeable end in sight, the debt settlement process can be an effective way to pay much less than you currently owe.
– Done through a series of negotiations undertaken between your representative and your creditors.
– While your representative initiates negotiations with your creditors, you establish an escrow account with monthly savings that eventually will be used to pay the reduced debt amounts.
– Depending on the total debt amount, a debt settlement plan can take anywhere from 18 – 48 months to complete.

Debt consolidation:
– Consolidates all of your debts into one loan, which combines all of your debt into one single payment, providing a more simplified way of paying the debt.
– May reduce the amount of debt you owe as a result of obtaining a lower interest rate.

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? Medical Bills – YES
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? Hardship – YES

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For people who already agree or think they can come to agreement with some help, this video describes some methods to do that. These methods are often called Alternative Dispute Resolution because they are an alternative to a contested hearing or trial.