For most borrowers, the struggle between debt settlement and debt consolidation should make itself obvious within a few hours' concerted study of their household accounts. Sad to say, but the vagaries of consumer finance within the modern world have convinced a good portion of even our most intelligent citizens that they could not possibly figure out their own best alternatives absent help. This is not to say that the advice of financial specialists should not be considered absolutely vital to the success of any debt relief strategy. However, at the start of any such proceedings, every debtor should be able to make a reckoning of their month to month expenses (including any possible emergency funds) and compare those to the lingering debts with an eye to practical repayments (excluding all unforeseen inheritances or pipe dream bonuses). From that standpoint, most debtors should be able to make some educated guess as to whether their burdens could realistically be done away with in the next few years.
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For borrowers of high incomes that have suffered temporary misfortune, debt consolidation might indeed be the best possible solution. For borrowers beleaguered by a number of credit cards whose accounts were helplessly taken to their limits - whether from rash purchases or dire straits - debt settlement should clearly be their first choice. For those unlucky souls that have not the work history or credit rating sufficient to convince debt settlement companies to help them through their hour of need, bankruptcy protection, presuming they can afford the attorney, may be their best bet. (and, for those borrowers seeking aid from Consumer Credit Counseling companies, they should probably stop watching so much late night television)
Much as every debtor should take stock of their own personal finances, there is a limit to how much information one can glean from reading about such things on the internet. The amateur mechanic may well be able to change his own oil by scanning pages on line. However, even the cockiest hobbyist would not presume to start a body shop without at least talking through details with someone that makes a living from renovation. As regards bankruptcy attorneys, though the debtor should not have to worry about false promises (they're too busy to flatter and too distracted to notice), the fees charged for even the initial consultation should perhaps force avoidance. Debt consolidation professionals, on the other hand, are only too eager to parade their offerings. Just mention, at any bank, a sudden realization of even trifling sums, and hucksters almost growing out of their second suit shall descend upon.
Debt consolidation, for the grand majority of borrowers, purely depends upon equity, after all. The loan officer in question won't know whether or not the consolidation shall actually be possible until after a formal appraisal has been done; appraisal paid beforehand by the debtor, if that even needs to be said. Debt settlement genuinely is a bit different. It's more similar to the financial planning industry. Debt settlement negotiators depend upon their clients just as much as their clients depend upon them. They are, in the end, somewhat responsible for the eventual repayments. Especially for those clients without appreciable assets or worthwhile earnings, a bond must exist for the settlement negotiator to take a chance, and, for that reason, the negotiators rarely charge anything that first meet. The debt settler and his firm take their cut from approved negotiations, have no worry, but they only enter into the struggle with people that they believe in. Debt settlement will never be the solution for everyone, but... even if you're struggling with a few grand worth of hospital bills or family vacations... it can't hurt to make the call. You have nothing to lose but your debts.
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