Debt Settlement VS Debt Consolidation
Debt settlement and debt consolidation both are ways to clear off your debt but both are very different from each other. Debt settlement is a series of negotiations with your creditor to make your creditor accept less amount, usually a lump sum than originally owed. If these negotiations become successful then you can be debt-free in one go though these negotiations may take several months or years. In debt consolidation, you take a new loan, usually at a lower interest, to pay off all old loans, and then instead of paying multiple creditors, you pay this new loan in monthly payments. It is advised to hire a professional company while going for any of the above options.
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