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The Debt Management Process Vs. debt consolidation: which Is Better?

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

Consolidation and debt management are two ways to get debt relief. Which is best for you will depend on your circumstances

by Sean Pyles Senior Writer | Personal financial and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet’s «Smart Money» podcast. On «Smart Money,» Sean talks with Nerds on NerdWallet’s NerdWallet Content team to answer the questions of listeners about their personal finances. With a focus on shrewd and actionable money advice, Sean provides real-world guidance that will help consumers improve their financial lives. In addition to answering listeners’ financial concerns on «Smart Money,» Sean also interviews guests who are not part of NerdWallet and also creates special segments on topics like the racial wealth gap as well as how to get started investing and the background of college loans.

Before Sean took over podcasting at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When Sean isn’t writing about personal finance, Sean can be found working in the garden, taking walks, or walking his dog for long walks. He is based in Ocean Shores, Washington.

5 Aug 2021

Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She received a bachelor’s degree in mass communications and journalism in The University of Iowa.

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Debt management and debt consolidation are both options to combine multiple debts into one, with a lower interest rate. This can help you to pay off debt faster and save money.

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

It’s the time to pay off debt

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

Debt management

A rolls several credit card debts into one with a single monthly payment and a slashed interest rates.

The repayment plans typically last three to five years, and you typically can’t create new credit lines or utilize credit cards during that period. The plans mostly address credit card debt but not student loans, medical bills or personal loans.

The reasons why you should decide to go with this option:

You are mainly in credit card debt

You have more debt than you could reasonably consolidate

Your credit score isn’t enough to qualify you for the debt consolidation product you’re looking for, like the account for balance transfers or a

You’d like the external discipline that the plan enforces to prevent you from adding to your balances

Look for a source start-up debt management plan. Many agencies provide plans online or over the phone.

Debt consolidation

Combines several debts into a single new one, ideally with a lower rate of interest. There are many ways to do it, including a personal loan, balance-transfer credit card 401(k) loan or home-equity loan.

You’ll need good or excellent credit to qualify for the most affordable interest rates on personal loan or balance-transfer credit card.

The reason you’d pick this option:

You could qualify for an interest rate that is lower than what you’re currently paying. This helps you save money and could aid in getting rid of your debts more quickly.

You want to cut the amount of payments you’re managing

You are able to continue accessing credit even as you pay off debt

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

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