What’s the Difference between Debt Settlement and Debt Counseling?

Posted on August 8, 2011

Debt Settlement

  • They negotiate with the credit card companies or collectors for generally a single payment (Can go up to 6 months) of which is for a percentage of what you owe.
  • This can be anywhere between 80% to 20% of your original debt.
  • They get their money in either a monthly payment plan or as a percentage of what they save you.
  • Plans generally take 2 to 4 years depending on the amount of credit and the amount of money you can put into the program.

Debt Counseling

  • They negotiate with the credit cards for a smaller payment plan
  • They provide educational services to teach you how to use your money
  • They get paid by an upfront fee and then they take a certain amount each month from what you put in
  • These plans can last 15 to 30 years.

.  If you would like to learn more and/or receive assistance with foreclosure, Mortgage Audit, loan modification, bankruptcy or debt settlement, please contact us at (857) 244-1940 or fill out the form on the right.

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