Settlements are commonly negotiated by third-party agencies who help to discuss your dues with a creditor. In a settlement, it is usually discussed and agreed upon that the borrower pays the creditor a lump sum amount. This amount is usually less than what the borrower originally owes.
- Helps you quickly fix your financial problems
- Might be more costly in comparison to paying the actual amount that you owe
- An immediate but a makeshift solution to your debt issues
- Some lenders might not accept your settlement offer
To consolidate debt is to collectively combine all of your accounts and form them into one enormous, single debt. In debt consolidation, borrowers usually take out a big loan with a more affordable payment option or more moderate interest rates and use it to pay off several other creditors.
Does not require collateral
More attainable payment options
Instantaneous and straightforward process
May potentially decrease your credit score rating
Will accumulate a larger interest rate of up to 15-20%
More extended payment terms
A personal loan is a process of borrowing money from banks, credit unions, online lenders, friends, or relatives with a set interest rate and payment plan. Personal loans can be categorized into a Secured or Unsecured Loan. Secured Loans are loans that require collateral or down payment while Unsecured Loans do not require any of it.
While applying for a personal loan can be a viable option, it is also crucial to consider the proposed interest rates and repayment plans being offered to you.
A quicker method for clearing debts
Viable for a short-term solution
Lengthy approval time
May have higher interest rates
Freedom Debt Relief
Freedom Debt Relief
WARNING: A pattern of consumer complaints and/or regulatory actions prevents us from recommending this company.
For the first time in my life the IRS decides to audit me.
For the first time in my life the IRS decides to audit me. Do to some unfortunate circumstances I was lacking what I believed was going to be sufficient evidence for the year in question.
IRS after you for Money$$$.
IRS after you for Money$$$. Freedom Debt Relief wants YOUR MONEY before the IRS!!!!
Of course, even if you are willing to pay the absurd consultation fee you still need to schedule the consultation, which can be difficult since they do not return emails or phone messages…
False advertising. Ads say free consultation.
False advertising. Ads say free consultation. I talked with Office help giving all kinds of personal information. Then they wanted a card # to charge us and talk to a lawyer. That was the end of the discussion.
Want Us To Review a Company?
Through expert assessment and reliable resources, we've evaluated the top-notch debt consolidation agencies in the market today.
Get quick and easy access to real-time evaluations from our expert editors and real-life clients so you can find the company that better suits your needs.
Real Reviews (Yes They're Real)
Honest and very upfront assessments of some of the leading debt relief companies in the industry.
Debt Core allows me to compare options and decide which one is a better fit for me.
Their very detailed and comprehensive report allows me to decide which company I should partner with.
They are very thorough in presenting all the facts about one company from another, which gives me the option to compare programs, offers, and services.
It's an online service that helps you decipher the concept of each organization to find a program that is tailored for you.