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Both debt settlement and debt consolidation can reduce and eliminate
your debt. But each will have different consequences on your credit score
and future financial options. Before choosing either option, educate
yourself on the pros and cons of each.

The Benefits Of Debt Settlement

Debt settlement means that part of your debt is immediately wiped out
by your creditor. You will find instant financial relief in your monthly
budget. And the rest of your debt payments are much more manageable.

You will also find that you can start rebuilding your credit from this
point on. Instead of juggling late payments, high debt loads, and other
factors, you can focus on managing your credit better.

The Downside Of Debt Settlement

There are a few downside to debt settlement. The biggest one is the
immediate affect on your credit score. Debt settlement is seen much like a
foreclosure; your score will be 500 or lower. And while you can improve
your score, for the next two years you will have to work with sub prime
lenders.

You will also have to deal with the tax implication of a write off. The
IRS sees debt settlement like receiving a cash gift or income.
Depending on where you live, you may also have to pay additional state taxes.

The Benefits Of Debt Consolidation

Debt consolidation can also help you get out of debt. With
consolidation, a company negotiates lower rates with your creditors. You make one
monthly payment to the debt consolidation company, and they handle
paying all your accounts.

They also deal with any paperwork hassles, canceling fees, and closing
accounts. Usually, you can be out of short term debt in five years or
less.

The Downside Of Debt Consolidation

Debt consolidation will have less of an impact on your credit score.
Most lenders will temporarily put a hold on extending you more credit
until they see you are making regular payments. You need to still monitor
your accounts to be sure the debt consolidation company is making on
time payments.

Picking The Right One

There is no perfect solution for getting out of debt. Debt settlement
can help you see an instant improvement in your finances, but at the
cost of your credit score. Debt consolidation simplifies the process with
minimum affect on your credit, however it does take time.

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