Debt Settlement
At first glance, debt settlement may seem like the better option. A debt settlement company has you stop paying your creditors as they negotiate a lower payment. Then, the debt settlement company pays the creditors on your behalf. Essentially, it seems like you save money and the debt settlement company takes care of getting the payments to your creditors for you.
Debt Management
Debt management programs (DMPs) are administered by nonprofit credit counseling companies, as opposed to debt settlement companies, which are for-profit. In a DMP, the credit counseling company negotiates with your creditors to reduce your interest rates and fees, or lower monthly payments for you. You still pay off the principal amount, so your credit score is not impacted as it would be with debt settlement. Credit counselors will also help you to improve your money management skills and come up with a workable budget.
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Single Debt - Debt Management Plan | Debt Advice & Solution | Loan Solution | Loan Repayment | Loan Settlement
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