Debt Settlement vs. Debt Management

Debt Settlement vs. Debt Management

How to pay off credit cards enrolled in a debt management program?
I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?

Watch the video related to debt management

As Americans struggle to manage their finances through the economic downturn, many are turning to the debt servicing industry for assistance. Unfortunately, the public routinely confuses the types of services provided by debt settlement and debt management agencies, which differ significantly. Join Thomas Fox, Cambridge Credit Counselings Community Outreach Director, as he discusses the important differences between Debt Settlement and Debt Management….

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This entry was posted on Wednesday, November 25th, 2009 at 4:52 am and is filed under Debt Management. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Debt Settlement vs. Debt Management”

  1. Mistyblue says:

    Dont use ANY of them…

    All these people do is write letters disputing your debt, hoping a creditor will ignore a letter and that gets the bad mark taken off your file. As soon as the creditor proves the debt, it goes right back on again.

    These people make their money from exploiting people like you that have gotten into a credit crunch. There has got to be a free program from a non-profit in your area. Check with your local charities and local government and see if there is someone that can help you WITHOUT taking you money….

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