Loan consolidation means that you take all of your current debt, loans, credit card debt and mortgage and combine it all in one low interest loan. check the math and the results to make sure that your monthly payment is lower and that the total amount of interest you will be paying is also lower. the objective is to end up with a more reasonable monthly payment, lower interest costs and the ability to repay your total debt more quickly.
Debt relief programs involve renegotiating your total debt as well as potentially consolidating your debt. Some debt relief programs involve pressuring the lender to lower the amount owed, which can also impact your credit rating. The Creditor company may agree to a lower amount, but they will also report your inability to repay the total debt to the credit rating agencies.
While you might owe less money and you may have a lower monthly payment with lower interest rates / costs, your ability to borrow money in the future will definitely suffer.
In addition, these same companies often charge a hefty fee to arrange the debt relief program. Once you do all of the calculations it might not be worth your while to pursue this option. Instead, paying off the original debt and negotiating a debt consolidation loan could be the right answer.
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