Consolidation program or Debt Settlement?

Hey guys, I was hoping i could get some facts about these two cause I keep hearing different things? Is a debt consolidation program (not a consolidation loan) better for my credit than a debt settlement program? A lot of people have said that debt settlement program is better cause its lower payments, and typically on 40% of what you owe anyways, and they arrange to have it show up as paid in full on your credit report, then others say that is not true, that it will say settled on your credit report, what is true? I am so confused, someone please shed some light on this for me!!

Hello jaydub and welcome. I am sorry but I'm not able to answer this for you, I just wanted to let you know that someone will be around as soon as possible to answer your question. Hang tight!

Thanks I appreciate it very much, I was looking at some of the forums, you guys are on the ball and seem to help a lot of people out

Oh by the way jaydub7 is me , I signed up after posting that.

I'm glad you signed up wheeluvit, welcome! I'm sure you will find a lot of useful information here.

when you sign up on here, they assign a credit counselor to call you from a separate company, are all these companies legitimate and really out for your best interest, i believe it said someone from superior debt relief would call me, know anything about them?

As far as i know, both debt consolidation and debt settlement are same.Are you talking about debt consolidation vs debt negotiation??

debt consolidation and debt settlement are not the same.
Debt consolidation is known as credit counseling. Credit Counseling is an excellent option if you can afford the monthly payment for a debt management Plan with the Credit Counseling agency. The Credit Counseling company will negotiate with all creditors to accept a lower interest rate, waive late fees and over limit fees and spread your payments out over 4 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. If you can`t afford a monthly payment for the credit counseling program than you might be a excellent candidate for debt settlement. Debt settlement is an aggressive program and best for consumers that don't qualify for debt management, can't continue paying minimum payments, can't borrow to pay off debts and don't want to file bankruptcy. It does hurt your fico score however and thats why I only recommend them if you are overextended because your credit is already affected or about to be. Both programs are great , just depends on your situation. Be sure when shopping around that you look the company up on the BBB. I hope this info helps.

It helps very much thank you, superior shows a satisfactory with the BBB and it was assigned to me through this site, does that mean it's a safe play to go with them?

I would shop around and compare but I have not heard anything bad about superior.