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How Can You Differentiate Between Debt Relief & Debt Settlement
There may be a moment in your life where you get stuck with a whole lot of debts to be paid and that’s the time you may search for reliable options to get out of the debt cycle. In the process, you might have come across terms like debt relief and debt settlement. One might think that they are the same but they are not. Hence, we provide you with some deeper insights to make you more aware of the difference between these two.
What Is A Debt Relief?
The moment you are struggling to repay your loans on time, you may fall in the case of default and that damages your credit score and makes you ineligible for any sort of loans in the near future. So, you need to be proactive and find ways to clear off your debts. Thus, debt relief means the solution that makes it simpler for you to clear your debts. There are many ways to do that.
- Debt consolidation
- Debt management
- Debt settlement
Debt consolidation refers to the process of combining the debts from many creditors and taking out a single loan to pay them off. Debt management refers to the way of clearing your debts by sending your monthly payments to the credit counselors and they distribute the funds to all your creditors. Bankruptcy is also a form of debt relief.
What Is A Debt Settlement
Generally, debt management and debt consolidation are the solutions to pay the full amount you owe. But, Debt settlement is the process of negotiating with the creditors to pay a lesser amount than you really owe. You can do the debt settlement on your own or you can consult debt settlement companies for that. But, hold on! The debt settlement companies are widely criticized and been banned by the government as they are charging huge to give you a little benefit.
Generally, debt relief and settlement are the words used in tandem as debt settlement is one form of debt relief. Companies often use these both in order to confuse you. So, it’s better to make yourself aware of these.
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