Debt settlement vs. debt consolidation: what's the difference?
A lot of people use these terms interchangeably, but they're actually pretty different.
Debt consolidation = combining multiple debts into one loan and making one monthly payment. It's mostly about simplifying repayment, not reducing the amount you owe.
Debt settlement = working to resolve eligible unsecured debts for less than the full balance. Whether that's possible depends on your specific situation and your creditors.
There's no universal "best" option. What makes sense for one person might not make sense for someone else. It usually comes down to how much debt you're carrying, what your budget looks like, and whether paying everything back in full is realistic.
u/NtlDebtReliefSupport — 4 days ago