Pros and cons about consolidating credit cards who is brian white dating now

31-Aug-2019 18:16

(For related reading, see "Debt Consolidation: When It Helps, When It Doesn't.") A debt settlement strategy does not seek to replace existing debt with a new loan, as consolidation does.

Instead, debt settlement is a series of negotiations between your creditors and you (or a credit counselor) to make pay less than you currently owe, usually in a lump-sum payment.

A homeowner with shaky finances shouldn’t move unsecured debt that can be erased in bankruptcy to secured debt that can’t. That’s the maximum time you’d be required to make payments toward Chapter 13 bankruptcy or a debt management plan — after which your debt would be fully retired.

Chapter 7 bankruptcy would wipe out your debt immediately and get you on a path toward restoring your credit.

(For related reading, see "Negotiating a Debt Settlement.") Settled debt is gone – wiped clean.

However, with unsecured debts such as credit cards, you risk having your account closed completely after the settlement is complete because the lender will not want to continue to grant you credit.

Creditors are under no obligation to enter negotiations or accept your offer.

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We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

Debt consolidation and debt settlement are both financial strategies for improving personal debt load, but they function quite differently and are used to resolve different issues.

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