When times are tough, getting out of debt may seem impossible.
Even after you review a few of your debt relief options, it still seems impossible to make a decision.
With a high amount of credit card debt that you just cannot overcome, consolidation or settlement is best for you.
However, you need to thoroughly examine each relief option to determine which option is not just right for someone like you, but you and you alone.
If you weren't already aware, debt settlement and debt consolidation are different.
With debt settlement you or a professional settlement company will contact your creditors and negotiate a lower rate.
Basically, they will attempt to reduce the amount of outstanding money you owe.
As for debt consolidation, you gather all of your credit cards, bank loans, and more to roll into one consolidated loan.
Basically, a debt consolidation company pays your bills and then you in turn repay them.
Each debt settlement and consolidation has their pros and cons.
For example, settlement can appear on your credit report longer.
With debt consolidation, you still have monthly payments to make, but they should be low-interest and affordable; however, you are back where you started if you fall behind in your payments.
When it comes to choosing between debt settlement and debt consolidation, your decision should depend on your own personal wants and needs.
For more information, contact a debt relief network.
These networks not only accept only the best relief companies into their group, but they track and monitor their progress and success.
This can provide you with comfort and peace of mind.
Moreover, a relief network can provide you with detailed information on debt management and settlements, helping you decide which one is truly best for you.