If you are finding it difficult to repay your debts, it’s time to look at the debt relief processes for achieving freedom from your financial liabilities. The two most preferred options are debt settlement and debt consolidation. Many people get confused while choosing between these options. Let’s have a closer look at both these debt relief plans.
Debt settlement is a process in which you negotiate with your creditor to reduce the principal balance. In return, you have to pay a lump sum amount to the creditor. A successful settlement can save a lot of money.
Even though the process sounds good, it has some drawbacks. Settling debts can have a significant negative effect on your credit rating. And be wary and do your research. We offer debt consolidation and not debt settlement.
Debt Consolidation is a process in which we negotiate with your lenders/creditors for more manageable debt repayment terms. If you are not comfortable with your current plan, you can go for credit counseling. You may consider taking the help of a credit counselor. However, it will stretch your payment period.
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