Consolidation and Settlement Company Advantages (Part III of III)
 
In this final chapter of our three part series on debt consolidation and settlement companies – we want to discuss bankruptcy. Bankruptcy is bad for your credit no matter what kind you choose to go through with. But we also want to talk about the fact that one choice might be able to help you more than the other.
 
There is the fact that if you have too much debt, and a debt consolidation will not be sufficient for you to be able to pay it back, a debt settlement will often succeed where debt consolidation cannot. A debt settlement will often keep you out of the bankruptcy courts, which as you know will hurt your credit tremendously. Now settlement will hurt your credit as well, depending on how it is reported by your creditors to the credit bureaus. However, it will not be as bad as having a bankruptcy on your credit for up to the next ten years. A settlement will enable you to keep that off of your record and help you get debt free faster than if you continued to pay it on your own.
 
Both debt consolidation and debt settlement will enable you to get debt free faster. By taking your debt out of the hands of your creditors, you reduce the amount of money that you will pay back, and reduce the amount of time that you are paying on your debt. With a debt consolidation you are looking at possibly four or five years depending on how much debt you owe and what length of term you choose. Some can be done in as little as three years – again it depends on your debt. A debt settlement is traditionally only a couple of years, and depending again on how much debt you owe and how much you can afford each month – as well as how much it is reduced – you can be looking at as little as one year to being debt free, to really a maximum of three years.
 
Debt consolidation and settlement may be the perfect solution to your money troubles, but you won’t know until you meet up with a debt counselor to see how they might be able to help you.  Call one today and get on the road to being debt free.

 

 

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