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Debt Consolidation Vs. Debt Negotiation Pennsylvania

When debt starts piling up, something has to be done to take care of it -- but what? There are two major options for dealing with debt, debt consolidation and debt negotiation, and the pros and cons of each are discussed in this article.

Local Companies

Keenan Bryan P & Associates PC
412- 922-5116
993 Greentree Rd Ste 101
Pittsburgh, PA

Howell & Co. Inc
(814) 368-3513
13 Main Street
Bradford, PA

J.S. Tax And Accounting Services
(814) 368-6900
125 Main Street, Suite 502
Bradford, PA

Smith, Best & Stoneking P.C., CPAs
(814) 363-1040
80 East Corydon Street
Bradford, PA

Cccs of Western Pennsylvania
888- 511-2227
2403 Sidney St
Pittsburgh, PA

Porter Business Development Group
717-263-2777
429 Phoenix Drive
Chambersburg, PA

Smith Elliott Kearns & Company, LLC
717-263-3910
804 Wayne Avenue
Chambersburg, PA

Schultheiss & Associates
717-267-2100
720 Norland Avenue
Chambersburg, PA

Mark S. Yanus, Cpa
(570) 443-4410
407 Berwick Street
White Haven, PA

Phillips & Boring PC
412- 281-1977
Lawyers Building
Pittsburgh, PA

Debt consolidation is a plan to get you out of your debt through combining all your debts into a single larger debt, and paying to a single creditor through a single check each month. Debt negotiation is a process of negotiating with your creditors to bring down your total amount of debt. A good debt negotiation company can help bring down your total debts by as much as 50 to 70 percent. A word of caution, though. Debt negotiation may sound great, but it can adversely affect your credit report.

The Pros And Cons Of Debt Negotiation

A debt negotiation company discusses your financial status with your creditors, and offers to pay off all your debts in one go. The catch is that they offer to pay, say, $4,000 cash now against the total debts of, say, $12,000. The very fact that you have appointed a debt negotiator on your behalf is a sign that you are a bad risk, and most creditors will settle for cash now, as against the balance over the next 10 years or so.

The flip side to debt negotiation is that it affects your credit rating in a negative way. The commission to your debt negotiator is usually between 14 and 25 percent of the total settlement.

What Debt Consolidation Experts Do

Debt consolidation experts negotiate on your behalf to arrange to reduce the rates of interest, and to reduce or eliminate the late fees and other charges and penalties. They help consolidate all your outstanding debts into a single debt, and arrange a monthly payment schedule consisting of reduced amount, by as much as 20 to 40 percent.

They usually charge a monthly service fee of around 10 percent, and your payments are referred to credit bureaus. They advise you to close all your credit card accounts, and may allow you to keep one active for emergency uses.

It is for you to decide which course of action you wish to take.

About the Author:

Gibran Selman takes care of http://debtconsolidationcenter.net a website dedicated to gather information, on and off the internet, about debt consolidation and other related subjects.

For more articles on Debt Consolidation please go to: http://debtconsolidationcenter.net

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Featured Local Company

Keenan Bryan P & Associates PC

412- 922-5116
993 Greentree Rd Ste 101
Pittsburgh, PA
http://www.attorneykeenan.com

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
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Environmental	Home Electronics	Pets	World History