Banking and Finance : Debt Consolidation Services ? When to ...
Lets take a closer look at debt consolidation services. With consolidation, your debts are not lowered or eliminated. Instead, they are combined, and you make one payment. The amount you owe is still the same, but the payments are lowered and stretched out over a longer period of time. Again, you make just one payment, and that payment is typically a certain percentage of your income.
Debt settlement or debt elimination services work a bit differently. Instead of negotiating a lower payment, the company negotiates a settlement amount that clears the debt away forever. When a settlement is reached, you make one lump sum payment to the creditor, pay the service the fee that you owe them, and you are done. Debt consolidation services will often offer consolidation as well as debt settlement.
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