Debt consolidation and debt settlement are two common debt management strategies that can lower the amount of interest you owe and help you pay off debt faster and more simply. Lending Nerd, Kate Wood, helps you understand both and gives you important questions to ask yourself to choose the best strategy for you on your debt management journey.

Suggested Resources:
Compare Debt Consolidation Lenders: https://www.nerdwallet.com/best/loans/personal-loans/debt-consolidation-loans
What is Debt Consolidation and Should I Consolidate? https://www.nerdwallet.com/article/loans/personal-loans/what-is-debt-consolidation
What is Debt Settlement and How Does it Work?
https://www.nerdwallet.com/article/loans/personal-loans/how-does-debt-settlement-work
Debt Consolidation vs. Debt Settlement: Which is Better?
https://www.nerdwallet.com/article/loans/personal-loans/debt-consolidation-debt-settlement

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If you are looking for a debt consolidation loan, you can shop up to 40 lenders at once at our marketplace page. Applying doesn’t affect your credit and its a great way to make sure you are getting the best rate you can get in your situation: https://theyukonproject.com/debt-consolidation-loans/

Debt consolidation is a financial strategy that involves combining multiple debts, such as credit card balances, personal loans, or medical bills, into a single, more manageable debt. Debt consolidation could end up being a lot of bother just to switch out one debt for another. There are certain steps you can take to make sure that consolidating your debt will be a good thing for you.

1) Before you seek a debt consolidation loan, you should figure out what APR (annual percentage rate) you need in order to make it worthwhile. If all you are doing is simplifying the number of payments you need to make in a given month and you aren’t lowering your interest rate, then you aren’t getting any of the benefit from consolidating your debt.

2) The next thing you need to do is figure out how much money you really need to borrow. You don’t want to saddle yourself with more debt by taking more money than you need to consolidate your loans. But, there is no rule than says you have to consolidate every one of your loans. If you have one loan with a lower interest rate than you would be able to get on a debt consolidation loan, you do not want to roll that loan into the process.

3) It may seem like the most important thing you need to do is alleviate the stress associated with your current debt load, but you need to make sure you set a realistic (and aggressive) budget first. Why? Well, you want to make sure that you can take advantage of the debt consolidation process to pay as much against your new loan as you can. That will accelerate your effort to pay off your debt. Also, it would be a complete travesty to consolidate your credit card debt only to run up new balances.

4) You need to make sure you stop using your credit cards. If you keep using them, you might find yourself in another financial hole before you know it. If credit card debt has contributed to your current financial situation, you need to make sure that issue is resolved before you move forward.

5) Finally, you need to make sure you are getting the best possible interest rate you can on a debt consolidation loan. After all, the whole purpose of consolidating your debts is to be able to pay less money on interest and more money on principal. The better the overall APR on the loan, the more money you can put against the principal. The more money you can put against principal (especially in the earliest months of a loan) the fast you will be able to get out of debt.

It’s important to note that debt consolidation is not a one-size-fits-all solution. The effectiveness of debt consolidation depends on individual circumstances, including the types of debt you have, your credit score, and your ability to make consistent payments. Additionally, it’s essential to choose a consolidation method that aligns with your financial goals and to avoid accumulating new debt while in the process of consolidation. Before pursuing debt consolidation, consider speaking with a financial advisor or counselor to evaluate your options and develop a strategy that best suits your needs.

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Apply for a personal loan: https://theyukonproject.com/product-comparison/compare-personal-loans/
Apply for a consolidation loan: https://theyukonproject.com/product-comparison/debt-consolidation-loans/
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How Good Is A Debt Consolidation Loan

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Explore the best debt consolidation services to help manage your finances and simplify payments with confidence.
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Explore the best debt consolidation services to help manage your finances and simplify payments with confidence.

Timestamp Sections:
00:00 Intro
01:02 Freedom Debt Relief
01:56 Freedom Debt Relief – Fees
03:05 National Debt Relief
03:33 National Debt Relief – Fees
05:13 Accredited
05:47 Accredited – Fees
06:54 JG Wentworth
07:14 JG Wentworth – Fees
08:33 Conclusion
08:57 Outro

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Overcoming Debt with Smart Solutions
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Dealing with debt can be overwhelming, but solutions like debt consolidation offer a practical path to financial freedom. By combining multiple debts into one manageable payment, you can simplify your finances and negotiate more favorable terms.

In this video, I’ll share my experience with debt consolidation and introduce you to four top-rated services that specialize in helping people regain control of their finances. We’ll explore each company’s offerings, the types of debt they handle, and their fee structures so that you can find the best option for your situation.

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Top Debt Consolidation Services
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First on the list is Freedom Debt Relief, known for transparency and working with the Legal Partner Network to settle debts efficiently. They charge fees between 15% and 25% of your enrolled debt and offer a custom payment plan. Next is National Debt Relief, which focuses on settlement negotiations for those with over $7,500 in unsecured debt, with savings often reaching 23%.

For faster results, consider Accredited, ideal for debts over $10,000, offering quick resolutions but requiring patience for credit recovery. Lastly, JG Wentworth, a well-known service, helps avoid bankruptcy with strong customer support and slightly higher fees ranging from 18% to 25%. Each of these services offers unique advantages, so choosing the right one depends on your financial needs.

————————————————
Exclusive Discounts and Final Thoughts
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If you’re ready to take the next step toward financial stability, use the affiliate links in the description for exclusive discounts on these services. By following a structured plan with any of these companies, you’ll reduce stress and work toward becoming debt-free in as little as two to four years.

Don’t forget to like, comment, and subscribe for more financial tips and reviews. Let me know in the comments which service you’re considering or any questions you have, and I’ll get back to you soon. Thanks for watching, and here’s to a debt-free future!

Hope you enjoyed my Best Debt Consolidation Services in 2025 Video.

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Disclaimer:
Bestmoney.com is affiliated, but not sponsored by any service. This means we may earn a commission when you click on the links provided, at no extra cost to you!

In this video I share the truth about Debt settlement and the power of debt consolidation and how it can be used to hide credit card utilization, boost credit scores, save money on interests and get out of debt sooner.

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In Episode 5, join financial experts Ester Ochse, Denise Hartley, Elmarie Dreyer, and Maya Fisher-French as they dive into the crucial topic of Debt Consolidation and Debt Review.

Gain valuable insights and expert advice on managing your finances, understanding the intricacies of debt review, and how you can use debt consolidation as a tool to empower you to take control of your financial future. Don’t miss this informative discussion to secure a brighter, debt-free tomorrow.

Struggling to get a handle on debt?

In this video, I break down the difference between debt consolidation and debt settlement to help you understand which option might work best for your situation.

Learn how each approach affects your payments, credit, and overall financial goals.

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In Episode 3 of Financial Firsts, host Kopano Shimange is joined by Dr. Nosipho Mhlanga and an expert from Nedbank to explore effective ways to manage student loans and consolidate debt.?

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Video Title: Remove Late Payments Fast! How to Dispute & Avoid Debt Consolidation Traps

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