Debt consolidation vs. debt management?

Question

What is the difference? What should I go with to help pay off my debt quickly?

Answer 1

If your credit is good, debt management will hurt it.

I suggest you follow the teachings of Dave Ramsey! Seriously.

Consolidation usually leads to increased debt by the average person, no matter how well intentioned.

Answer 2

it actually depends on how severe your situation is. you should first get a credit report to determine this. there is a very good company that can give you a free credit report. here's the link: http://urlser.com/?xPIaZ

once you know where you stand, you can clearly evaluate how to resolve your situation.

Answer 3

To be honest don't believe all of the hype that you hear surrounding DMPs. Negative hype I mean. I myself am currently in one and for those of you that are not, or have never been, please refrain from giving others advice that is not accurate. All you will do is scare people.

I've found some good information here too...

http://www.safelinked.info/jump.php?link...

All the best to you.

Answer 4

Debt consolidation is when you consolidate all of your debt into one bill when you owe money on multiple accounts.  Management is just managing whatever debt you have.  I'm debt managing right now.  I chose to manage because at least in all the consolidation options I've seen I would draw interest.  With management I can still pay it off with 0% interest as long as I manage it correctly which is stressful sometimes.  I'm not sure what's quicker.  I'm sure it's different for everyone and probably depends on how much debt you're in.  Obviously paying off debt at 0% interest will take a while because I just keep paying minimum payments.  But I'm going to go ahead and save up to pay it off as quickly as I can.