It can be confusing because debt consolidation is also used to refer to debt settlement programs as well.
Debt Management Program: These programs often work hand in hand with credit counseling.
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In addition, the company has an easy-to-use dashboard that tracks your consolidation program and the progress of its negotiations with your creditors.
When you start pursuing debt management options, you may get mixed messages from people in the debt relief industry.
While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.
When you begin this process, you set aside funds each month into a separate, insured account.
It has flexible programs that don’t have a minimum debt requirements.
Freedom Debt Relief is also one of the industry leaders, and it offers some of the highest quality customer service.
Based on making the minimum repayment amount at 18% interest rate.
Minimum repayments are calculated as a percentage of the closing balance, typically 2 or 2.5%, or a set dollar amount, usually around , whichever is greater.
Bankruptcy: This should a last resort as it negatively affects your credit for many years.
With bankruptcy, you officially declare that you cannot pay your debts.
To pursue bankruptcy, you must qualify and complete the entire process, including pre-filing and post-filing counseling.