Debt consolidation and settlement are both effective debt relief
options. Consolidation is more suitable when you're struggling with
multiple debts, but you are financially able to pay off your debts.
On the other hand, debt settlement is recommended when you are unable to
repay the full balance that you owe.
Your credit score may get a
boost when you opt for consolidation but your score may drop by a few
points if you opt for settlement. However, it primarily depends on your
financial condition whether or not you're able to repay the balance in
full (in case of consolidation) or a part of it (in case of settlement).
Debt consolidation may end up
being the most useful for credit card debt as most credit cards come
with high interest rates. However, since debt consolidation happens
through a new line of credit, it will fail if your credit score is too
low to be approved for the new loan. So, there comes the debt settlement
option when you can't get a new loan or line of credit or practically
behind on your payments.
Hello )))I have such a
situation, a shortage of money to buy a car. I have a bad credit
history. I would like to know the opinion of Internet users loans -
where better to take a loan. please advise. use the search engine
Google, did not inspire confidence. Please give a link and description
of the company, which can provide 100% loan for those with bad credit
history Thanks in advance
Sub: #4 posted on Thu, 06/22/2017 - 08:56
Unregistered
Depends on your situation.
Settlement is good when you wish to save on the principal amount.
Consolidation is good when you want to save on
interest.
If you want to buy a car now
and definitely have a low score that is below the 500 or 600 range, then
you’ll require a dealer who can handle that kind of loan. You can also
secure your loan through a bank that has a relationship with the dealer.
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Debt consolidation and settlement are both effective debt relief options. Consolidation is more suitable when you're struggling with multiple debts, but you are financially able to pay off your debts.
On the other hand, debt settlement is recommended when you are unable to repay the full balance that you owe.
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Save money to buy things.
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