Debt Consolidation Care Answers
Debt Consolidation Care Answers

 

How long does consolidation take vs. settlement?  

4
Although I think debt consolidation is a better option for my husband and I, the idea of being out of debt in about 2 years with settlement is tempting. How long will it take to pay off our debt with consolidation versus settlement? And, also, with consolidation are there interest charges and fees involved?

Thanks,
Amena
 

asked Feb 7, 2005 05:06 PM

Anonymous
Best Answer
8
best answer

Hi Amena,

Welcome to the debt consolidation care forum.

Debt consolidation and debt settlement are two different means of settling your debt. Firstly you need to make the right choice depending on the amount and type of debt you are undergoing.


Quote:


the idea of being out of debt in about 2 years with settlement is tempting


Debt settlement though tempting may not carry good consequences in the future. Debt settlement gives a negative marking to your credit report and spoils your credit score. This negative marking may lead to various complexities if you opt for a loan or a change of job. Try and avoid this since you already feel that debt consolidation is a better option in your case. Temptation leads you no where.
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Quote:

How long will it take to pay off our debt with consolidation


The time period to pay off your debt is highly dependent on.
The amount you pay as installment.
The amount of your debt and the amount which the creditor had deducted
The type of debt you are undergoing.
How well the debt consolidation consultant could convince your creditor.


Quote:
with consolidation are there interest charges and fees involved?


In most debt consolidation companies all the late fees and taxes are reduced. In debt consolidation care we have no fees. It is cent percent free.

It was great having you in the forum and we would appreciate if you participate more frequently and share your experiences with other members of the forum.

Regards,
Jason

answered Feb 8, 2005 11:32 PM

1 Answers

1

Hi Amena,

Welcome to debtconsolidation care forum ,

you wrote:


Quote:

How long will it take to pay off our debt with consolidation versus settlement?


The amount of debt you owe, your income, payment plan and negotiation will reflect the duration of a repayment process.


Quote:
And, also, with consolidation are there interest charges and fees involved?


We are not sure of other companies but we do not charge any fees, ours is a free site with a free registration.

Please take note that debt settlement could hamper your credit report.


Thank you for the query,
Simon

answered Feb 8, 2005 10:04 AM

1 

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