Is debt consolidation and debt restructuring the same thing?

Debt consolidation is typically used by individuals to lower loan interest rates and monthly payments.

Debt restructuring is typically a description of how businesses renegotiate with their creditors to increase cash flow.

What exactly are you attempting to do?

My 3 credit cards have been charged-off. Plus, I have 2 payday loans. The interest rates are extremely high. So, can debt consolidation help me?

Yes, debt consolidation program can help. You must follow a strict repayment schedule to take advantage of it or else you'll end up killing your financial health altogether.

A Debt consolidation program can be a good choice. Thus, you'll be able to get a repayment schedule according to your affordability. However, check the authenticity of the company before enrolling into a debt consolidation program.

Hi Brayden,
You can think of settling your debts. If the outstanding balance is too high for you to pay off, then, debt settlement is the most convenient solution. Even if an account is charged off, you can repay it; it’ll be better for you.
However, check out whether or not the SOL is over on the accounts; if yes, then you won’t have to make any payment. Also, check out whether or not the payday loan is legal. If it’s an illegal one, you’ve to pay only the principal amount.

For the most part, debt consolidation does little more than tank your credit score. Learn to settle your debts yourself. If the payday loans are tribal or unlicensed you only owe them the principal which you can pay at YOUR convenience.