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In Episode 5 of the #EverythingMoney Show, we go over the basics of Debt Management.

We’ll talk about the differences between Debt consolidation and Debt Settlement, and the role that each of them play in your debt relief strategies.

Get a Free Debt Consolidation / Settlement Consultation 

Request a Free Consultation to See If You Qualify For Debt Settlement or Debt Consolidation.

Debt Consolidation

When you consolidate your debt, you merge all of your credit accounts (credit card balances, loans, lines of credit, etc.) into one credit account so that you have just one payment to make every month. 

If you do this right, then the interest rate on your new credit account will be lower than all of your other ones, so that you can decrease your overall monthly payment, as well. 

 

Debt Settlement

When you settle your debt, you’re calling your creditor and essentially asking for a discount on your owed balance. 

By proving “Financial Hardship” – explained in the episode – your creditors will agree that they’d rather get paid a portion of their debt, than none at all. 

This option will decrease your actual owed balance, but tends to have a temporary bad impact on your credit score.

 

To determine which option is right for you, we recommend that you speak with a Certified Debt Consultant. Their job is to literally help you lower or get rid of your debt.

Get a Free Debt Consolidation / Settlement Consultation 

Click Here>>> to Request a Free Consultation and See If You Qualify For Debt Settlement or Debt Consolidation.