DEBT MANAGEMENT vs. DEBT SETTLEMENT - What's the Difference?
It's important to know that one program does not solve all problems.
If you are making the minimum monthly credit card payments, Debt Management program may be right for you.
Debt Management (also known as Credit Counseling) allows you to consolidate all of your unsecured debt into one low monthly payment and offers the following benefits:
- Pay less. Creditors will offer a plan to repay your debt at a reduced interest rate and in some cases, a lower payment. Also, most creditors will wave late and over the limit fees AND bring your accounts back to current without making up those missed payments. This alone could save you thousands over the life of the debt!
- Pay off your debt faster. If you continue to just make the minimum payments, it could take you 20-25 years to pay off that credit card! In a Debt Management Program, you should be able to pay off your debt in three to five years, saving you thousands of dollars!
- Reduce your stress. Calls from you creditors STOP and you will have an end in sight.
- One, easy payment each month. You will have one monthly payment so you don’t have to juggle payments.
But, if you cannot afford the payment required by a Debt Management Program, Debt Settlement may be the answer.
Debt Settlement is a program designed for people:
- Who are delinquent or are starting to become delinquent on their payments
- Some or all of their debts have gone into collections or are about to be turned over to a debt collector.
- DO NOT want to file for bankruptcy
In a Debt Settlement Program, most people:
- Have a substantial reduction in their monthly payment
- Save thousands of dollars in both principal and interest
- Are DEBT FREE in 36-48 months
- and, AVOID BANKRUPTCY
DEBT SETTLEMENT CAN HELP WITH THE FOLLOWING:
- Credit Cards
- Lines of Credit
- Medical Bills
- Unsecured Loans
- Collections
- Repossessions
If you would like to learn more or if you have questions about these two options, our Debt Solutions Specialists are here to help. Please give us a call at 1-877-492-4109 or simply click on the link below for a FREE COMPARISON of both programs based on your total debt!
