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Credit Counseling or Debt Settlement? (Stacy Johnson) [2/10]

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Editor's rating: 2/10

It talks about the difference between a credit counseling and debt settlement:

Credit counseling

  1. Negotiates with the creditors
  2. Repay full amount.
  3. Long term plan.
  4. Interest will get reduced.


Debt Settlement

  1. Negotiates with the creditors
  2. Repay a part of debt .. 40% to 60%
  3. Short term plan.
  4. Interest will become 0.


Also it asks you to be careful about the bad apples for both the options.


Last edited by Denny on Sat Apr 12, 2008 3:42 am
 
About Video : Youve seen the ads: credit counseling companies say they can help by getting your payments and interest rates lowered. Others claim they can get your debts wiped out entirely by settling them for pennies on the dollar. Money reporter Stacy Johnson takes

Duration : [ 1 mins 32 secs ]

Video submitted by : Denny
Denny's total Posts : 1718
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Shazzers Moderator
Shazzers
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PostPosted: Fri Apr 11, 2008 1:39 pm 

Good info, and more or less, buyer beware, your paying for a service, check them out first. I think I would check the BBB first and go from there.
 
Denny Site Admin
Denny


Joined: 19 Oct 2004
Posts: 1718

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PostPosted: Sat Apr 12, 2008 3:29 am 

I don't find it very useful as it just talked about what is credit counseling or debt settlement. A person can under the terms by reading any article.

What I expected from the video?
1) How one can decide between credit counseling and debt settlement?
2) Effect of both the plans on credit score?

Overall only good for someone who is completely novice to debt settlement/credit counseling.
 
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