Debt consolidation vs. debt settlement: Which is better?

Credit card debt can be costly. Between interest rates that average over 20% and payment structures that do little to address your principal balance, paying your credit card debt off could involve thousands of dollars in interest and decades of monthly payments. But, your credit card debt doesn't have to cost you nearly as much money, nor take as much time to pay off. Leading debt relief options may offer significant interest savings and even reduce your principal balance.

Instead, your savings are usually created through the reduction of interest and implementation of a fixed payment plan . This may not lead to as much relief as a debt settlement service that negotiates away a portion of your principal balance but is generally fitting if you can afford your minimum payments.

Source: Loan Digest (loandigest.net)

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