Consolidating credit card debt without hurting your credit

How to compare credit counseling with debt settlement for my credit card debts —Raylynn There is definitely more to consider than lower monthly credit card payments when you compare the benefits of a debt management plan with a credit counseling service vs a debt settlement program.You bring up a great point about lower monthly payments offered by both debt solutions.Most people reading how I compared the above 2 debt relief options would probably choose credit counseling over debt settlement…. The fact is, not everyone can qualify for, or afford a debt management plan.In fact, about 70 percent of the people that contact a credit counseling agency cannot be helped with a debt management plan.Let’s assume your debts accepted in the plan by a credit counseling agency total ,000.00.

Using the same 5 criteria I pointed out above with credit counseling, here is how a settlement program stacks up: These are some of the major differences between negotiating credit card balances for less and working with a credit counseling agency.Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.Have a debt of approximately k with Citibank Credit Card, 162 days past due.If you are quoted a 36 month debt settlement plan, the lower monthly payment would be 0.That would be similar to the average monthly payment using a credit counseling service.

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