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The debt settlement process involves hard-core, long term debt collection attempts by your creditors, and serious credit score damage that will last for many years.Debt consolidation companies like National Debt Relief and Freedom Debt Relief offer to help you through the process for a fee (eating into your savings).A great way to consolidate debt, especially if you have bad credit, is to enroll in a debt management program, which we’ll discuss in a moment.One of the biggest pitfalls of debt consolidation is the risk of running up new debt before the consolidated debt is paid off.The best debt consolidation solution is one that simplifies your financial life or lowers your cost of debt, or both.If you’re already struggling to make your debt payments or your credit cards are maxed out, you may not qualify for a zero percent credit card balance transfer offer.
Even if you fall in a low tax bracket, you could face a huge bill to the IRS.
[Learn More: Easy Way to Improve Your Credit] Debt Management Plan A debt management plan is a formal plan to restructure and pay off your debt.
A company will manage the plan and negotiate some cost reductions with your creditors, such as waived fees or a lower interest rate.
Some people consider credit card debt bad and mortgage or student loan debt good.
The truth is that having any debt means you are financially beholden to a creditor and you can’t put your money in your own pocket until your obligation is met.