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Debt Consolidation or. The Debt Settlement Option: What is the Better Option?

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Debt Consolidation and. The Debt Settlement Option: What is Better?

Debt consolidation and debt settlement Both have advantages and pros and. The best option for you will depend on your circumstances.

By Sean Pyles Senior Writer | Personal finances and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of NerdWallet’s «Smart Money» podcast. The show «Smart Money,» Sean talks with Nerds from NerdWallet’s NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and practical money tips, Sean provides real-world guidance that can help consumers better the financial situation of their lives. Beyond answering listeners’ money questions on «Smart Money,» Sean also interviews guests outside of NerdWallet and also creates special segments to explore topics like the racial inequality gap, how to start investing and the history of college loans.

Before Sean lead podcasting at NerdWallet, he covered topics concerning consumer debt. His work has been published throughout the media including USA Today, The New York Times and other publications. When Sean isn’t writing about personal finance, Sean can be found digging around his garden, going on runs , and walking his dog for long walks. He lives within Ocean Shores, Washington.

Aug 5 2021

Editor: Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, managing money and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Prior experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor’s degree in mass communications and journalism from The University of Iowa.

A majority of the products we feature come from our partners who compensate us. This impacts the types of products we write about and where and how the product appears on a page. But, it doesn’t affect our assessments. Our opinions are our own. Here is a list of and .

You’re trying to pay down . Should you use debt consolidation as well as debt settlement?

They may sound similar, but they mean two different thingsand both can cause more problems for you.

It’s time to cut your debt

Join the link to sign up and track everything from mortgages to cards all from mortgages to credit cards all in one place.

Consolidation of debt

In this scenario, a variety of consumer debts are rolled into a single one. It is possible to use a balance transfer credit card, , home-equity loan or 401(k) loan.

The reason you should consider this option:

For lower interest rates than you’re paying now, which will save you money and can help you to pay off debts faster.

In order to reduce the number of payments you’re making

When your debt that you’re trying pay down is manageable in type

• How to pay off your debts:

Debt settlement

This is risky since you hold back the payment from a creditor, and then, once your account is severely delinquent you should try to negotiate a smaller amount of payment to settle the credit.

Withholding payments can ruin your credit scores and opens the possibility of being sued for payment. There’s no assurance that the creditor will agree to settle.

You may try hiring or trying a company, but beware: This field is rife with shady players. A Federal Trade Commission recently ordered 11 companies in this category to cease their advertising, claiming that they took tens of millions of dollars from consumers , and provided them no benefits.

Why you might choose this option:

Make sure to do this only if you have a credit card that’s long delinquent or in , and you think the creditor might take a partial installment. You have little to lose because the damage has already done.

The author’s bio: Sean Pyles is the host and executive producer on the NerdWallet’s Smart Money podcast. His work has appeared in The New York Times, USA Today and elsewhere.

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