[Consolidation] Videos
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.
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Kristin Malia explains the difference between Credit Card Debt Settlement Versus Consolidation and what the differences between the two.
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Transcript:
Whether you need lower rates or flexible repayments, we gathered a list of debt consolidation lenders that may fit your budget and needs. Read more: https://www.finder.com/best-debt-consolidation-loans?utm_source=youtube&utm_medium=video&utm_campaign=fpl&utm_content=best&utm_term=guides
Millions of Americans use Finder to help them make better decisions. We can help you too. We understand that making everyday life decisions such as finding a credit card, buying a home and getting health insurance can be daunting. That’s why we’re here. Our goal is to help you navigate those complex decisions by making them less of a chore (and hopefully less of a bore, too!) Visit us at https://www.finder.com
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If you are struggling to pay your bills, consolidating your debt with a personal loan may help you finally live debt free. Our video explains how debt consolidation works and offers some tips on how to manage your finances following a debt consolidation loan.
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Sometimes on paper debt consolidation looks like a good idea. Reduced payments and a lower interest rate?? Seems like a no-brainer!
Here is how MOST companies are able to accomplish this (and how it’s actually costing you money).
Debt consolidation might be the right plan of action for you, but how will it affect your credit score? Watch Jeff Schwartz from Consolidated Credit Canada break it down.
Debt consolidation? Huh, what is that? In this episode, learn what debt consolidation is and the types of debts that can be consolidated. Also, find out what it means when you take up debt consolidation and what are the requirements to qualify for a debt consolidation plan.
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How good does debt consolidation sound? Take all your credit cards and combine them together with one easy lower interest payment. Here are some things you should know that might change your perspective on it.
Debt consolidation does not help you pay down large amounts of debt and it doesn’t get you out of debt quickly. It’s a refinanced loan that extends your payment. That means you will be in debt longer. Our view is if you’re in debt, you should be working to get out of debt as quickly as possible!
They market low-interest rates, but that doesn’t always mean it will be lower. A lot of companies market an introductory promotion of a lower rate to get people in and then raise the rate over time.
This is a big one. You are only consolidating your debt. You are not eliminating it. It’s really easy for us to view debt consolidation as the first step to us getting out of debt, but the problem is… usually nothing changes after you consolidate. You have the same buying and spending behaviors.
To eliminate debt, you don’t need to consolidate, you need a plan to start paying off your debt quickly!!!
It starts with taking control of your money. Getting eyes on where it’s going. You have to start with a budget, so you can start allocating money from areas of spending to now going towards paying down debt.
If you have multiple cards, there are two ways to attack it. First, stop using the cards. Start using cash for your expenses so the amounts don’t increase on your cards while you are trying to pay them down.
Here’s where two strategies come in: If you’re looking strictly at the numbers, you should pay all the minimum payments except for the card with the highest interest rate. Put every dollar & energy towards paying that card off first. Once paid off, put everything plus the new amount saved by eliminating a card towards the second-highest interest and continue to do this until they are all paid off.
What studies have shown is people have a higher success rate when they follow this plan, but instead of paying the highest interest rate first, you pay the lowest amount owed regardless of the interest rate. It’s encouraging and motivating to see change and the card with the lowest amount is the easiest to pay off. Going from 4 cards to 3 builds your confidence because you’re seeing it working! It’s shown that more people making to paying off all their debt with this strategy even though they might be paying a little more in interest.
Remember, it’s not a consolidation problem, it’s a behavioral one and it will only be fixed by taking control over your money!
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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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