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Many consumers make the mistake of thinking that debt consolidation and debt settlement is the same thing. But there are very distinct differences between these two programs. Debt consolidation is the process of combining multiple debts into one monthly payment. Typically administered by a credit counseling agency, a debt consolidation program can lower your interest rates, reduce your monthly payments and help you get out of debt faster. Debt settlement is the process of negotiating a settlement with your creditors. A debt settlement program can get your debts reduced for less than what you actually owe. Which program is right for you? It all depends on your individual financial situation.

Debt Consolidation

Debt consolidation is designed to help consumers who are carrying heavy debt loads, have higher than normal interest rates and are in danger of falling behind on their bills.

To qualify for this program, you should be either be current or only a few months behind in your credit card debts. Your expenses, including the payment for the debt consolidation program, can’t be more than your income. A credit counselor will most likely to perform a budget analysis to ensure that this program is feasible. Once you’re on the program, you’ll send one payment to the credit counseling agency administering your account and they will pay your creditors.It typically takes anywhere from 36 to 60 months to complete a debt consolidation program. Because you’re paying back the debt in its entirety, debt consolidation typically doesn’t hurt your credit rating. In fact, many consumers find that they’re able to apply for a car or home loan after being on the program for one year.

Debt Settlement

Debt settlement is designed to help consumers settle debts that they’ve been previously delinquent on. If you’re more than 9 months behind in your credit card debts, you probably qualify for this program. A debt settlement company will review your debts and advise you how much they think you will need to get your accounts settled. If you don’t have the money already, you’ll have to start setting money aside and create a settlement fund. Once you have enough money saved to make a reasonable offer, they will contact each of your creditors and negotiate a settlement, which can be anywhere from 20% to 75% of the original balance.

Once all your creditors agree to the settlements, you will make the lump sum payments and the accounts are paid off. You can either do the settlements all at once or create a settlement cycle where you pay off each creditor as you get the funds. How it’s done all depends on your debt settlement company.It can typically take anywhere from 12 to 36 months to settle all your accounts. Debt settlement can have a negative effect on your credit rating for 5 to 7 years. You may have to pay income tax on the amount that you didn’t pay back to the creditors. While you’re saving the money to pay off your debts, your creditors could bring litigation against you to garnish your wages or place liens against you.

When Debt Settlement Crosses the Debt Consolidation Line

Unfortunately, because of the confusion between debt consolidation and debt settlement, some consumers that qualify for debt consolidation go the debt settlement route because they think it will save them money. And when you compare it dollars to dollars, debt settlement can be cheaper than debt consolidation. However, there are consequences that you need to consider before choosing debt settlement. Debt settlement can hurt your credit rating. Debt settlement can put you at risk of being sued by your creditors. With debt settlement, you may have to pay income tax on the amount you saved.If you’re not sure what program you should consider, talk with a credit counselor. Most credit counseling agencies are familiar with both programs as well as other financial options. They can review your personal financial situation and help you select which one is right for you.

By Kathryn Katz, Consolidated Credit Counseling Services Consolidated Credit Counseling Services (http://www.consolidatedcredit.org/) is a 15-year old company that assists families throughout the United States in ending financial hardships through financial education, credit counseling and debt management programs. Consolidated Credit offers the FreedomQuest Debt Management Program (http://www.freedomquest.com) to help consumers get out of debt. Kathryn Katz has over 10 years web copywriting experience and a life-time love of helping others. She was formally the Director of Financial Education at a non-profit credit counseling agency. At an early age, she learned the importance of volunteerism by joining the Girl Scouts and actively participating in her youth group. As an adult, she has helped raised funds for Susan G. Komen, Rescue Rehab Home, Toys for Tots and Women in Distress. Article Source: http://EzineArticles.com/?expert=Kathryn_Katz

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Some charities oppose plan to rein in tax credits – News-Leader.com

Some charities oppose plan to rein in tax credits News-Leader.com The benevolent tax credits, which makes up about 2 percent of all tax credits redeemed, subsidize everything from pregnancy counseling to job-training for … and more »

Bankruptcy and the Problems it Poses

No one wants to hear the word bankruptcy , at least not in their very) lives , most people do, however, know what the term bankruptcy means . If you are interested in learning more about it , then you will find the following information very valuable . What it is What bankruptcy basically is, is a l …

Sirens & Gavels – The Spokesman-Review

Heâ??s going to addiction counseling and said his OxyContin addiction â??started … Ranch Foundation, an organization that supports youth sports and other charities, according to federal tax documents. Read the rest of Kevin Gramanâ??s story …

RealClearPolitics – Slow Learners at the Ninth Circuit

The state grants a tax credit to individuals who donate to nonprofit entities that award scholarships for children to attend private schools — including religious schools. … funds can provide a sign language interpreter to a deaf child at a religious school and can provide rehabilitation assistance at a religious college. The court has held that a state can offer tax deductions to parents paying tuition to religious schools. Can the 9th Circuit see a pattern here? …

Godfrey Kahn > The New Health Care Reform Law A Client Overview – Linex Legal (registration)

Godfrey Kahn > The New Health Care Reform Law A Client Overview Linex Legal (registration) We assembled a team of lawyers from our health care, tax and employee benefits, insurance and reinsurance, white collar counseling and defense, … and more »

Rehabilitation Tax Credit – Real Estate Tax Tips

The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of certain buildings. Rehabilitation includes renovation, restoration, and reconstruction

Credit Report, Credit Counseling, Credit Counseling Agencies

America’s gotten a lot savvier about credit. Now that we can take a free, no-strings-attached gander at our credit reports every year.

2009 Home Owner Tax Credit Series #2 – Types of 2009 Tax Credits …

The Rehabilitation Tax Credit is for people who renovate or construct a commercial building for a business. The main purpose of this is to enhance the look of areas that are run down with old looking building. … and selling homes, Marcelina Hardy takes an active interest in news and trends within the real estate and mortgage industries. She has a MSEd in Counseling from Old Dominion University and a BA in Psychology from the University of Massachusetts at Amherst. …

Top Paying Keywords for May 2010 Google Adsense | Everything about …

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This was in my email this morning.

Note: It helps when people send in their stories. The more of you who do this, the more powerful this blog will be. And it is for you. Any advice or comments, please leave here. —- CAS has been harassing me and my 4 children for about 10 years, much more the last 7 months. They got so dishonest, f …

FIGUEROA v. GEITHNER – Leagle.com

FIGUEROA v. GEITHNER Leagle.com In addition to EEO counseling, a federal employee must file a timely administrative complaint with the employer-agencyâ??and the agency generally must take …

Defaulting on student loans can have long-term effects – WRAL

… going after her paycheck and her tax refunds to get money. Every two weeks, her paycheck is garnisheed about 15 percent. It will stay with you to the grave, said Victoria Wright, an expert in bankruptcy, credit and housing counseling for the …

Tax Credit Compliance

Housing Tax Credits. Homeownership Education, Counseling and Training Fund (HECAT) … tax credit projects for compliance with the requirements of Section 42, the Housing Tax …

Defaulting on student loans can have long-term effects – WRAL.com

Defaulting on student loans can have long-term effects WRAL.com The average amount, according to a local credit counseling agency, is $18000. A student loan is easier to get than other types of loans, but if you default …

Bulletin Board – KGMI

Northwest Wildlife Rescue And Rehabilitation needs volunteers and … If you don’t know how you’re going to pay your taxes or other bills, the Association of Independent Consumer Credit Counseling Agencies may be able to help. Call 1-800-450-1794 or …

Rehabilitation: West’s Encyclopedia of American Law (Full Article …

Rehabilitation Tax Credit (in accounting) Rehabilitation Clause (insurance term) Cardiac Rehabilitation: Aftercare; BREG shoulder therapy kit; far-gone

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