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The Debt Management Process and. Debt Consolidation: What is Better?

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The Debt Management Process vs. Consolidation of Debt: Which is better?

The debt management process and the consolidation are two ways to get debt relief. Which option is the best for you is based on your personal circumstances.

Written by Sean Pyles Senior Writer | Personal financial, debt Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet’s «Smart Money» podcast. In «Smart Money,» Sean talks with Nerds from the NerdWallet Content team to answer the listeners’ questions about personal finance. With a focus on shrewd and actionable financial advice, Sean provides real-world guidance that will help consumers improve in their finances. In addition to answering listeners’ financial concerns on «Smart Money,» Sean also interviews guests outside of NerdWallet and creates special segments that explore subjects like the racial wealth gap as well as how to get started investing and the history of college loans.

Before Sean lead podcasting for NerdWallet, he covered topics that dealt with consumer debt. His writing has been featured on USA Today, The New York Times and other publications. When Sean isn’t writing about personal finances, Sean can be found playing in his garden, going for walks, or taking his dog for long walks. He is based within Ocean Shores, Washington.

Aug 5, 2021

Written by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Previous experience included news and copy editing at several Southern California newspapers, including the Los Angeles Times. She received a bachelor’s degree in journalism and mass communications in The University of Iowa.

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Debt management and consolidation can both combine several debts into one, with an interest rate that is lower. This could help you get more quickly and save you money.

The approach that’s best you will depend on the amount and type of debt you’ve got.

It’s the time to pay off debt

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Management of debt

It is a way to combine multiple credit card debts in one monthly payment, and reduces the interest rates.

The repayment plan usually lasts 3 to 5 years and typically, you aren’t able to start new lines of credit or use credit cards during that period. The plans mainly address credit card debt, but not student loans, medical bills or personal loans.

The reason you’d choose it:

You are mainly in credit card debt

You have more debt than you can reasonably consolidate

Your credit score won’t be able to get you for the debt consolidation product you’re looking for, like a balance transfer credit card, or

You’d like to have the external discipline that the program imposes to stop you from adding to your balances

Find a way start-up debt management plan. Most agencies offer plans online or by phone.

Debt consolidation

rolls several debts into one new debt, ideally with a lower interest. There are many options to accomplish this with a personal loan or balance transfer credit card, 401(k) loan or home-equity loan.

You’ll need excellent or good credit to qualify for lowest interest rates for a personal loan or balance-transfer credit card.

The reason you’d choose it:

You can qualify for an interest rate that is lower than what you’re currently paying. This saves you money and can help you eliminate debt more quickly

You’d like to cut down on the number of payments that you’re managing

You can maintain access to credit while paying down the debt

About the author: Sean Pyles is the executive producer and host for the NerdWallet’s Smart Money podcast. His writing has been featured in The New York Times, USA Today and elsewhere.

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