Debt consolidating personal finance Adult chat 1 1

This process entails agreeing on an amount for you to pay to settle your debt (this can run between 20 percent and 75 percent of what you owe) [source: Todorova].

In contrast, an unsecured loan merely uses the debtor's credit to back the loan.

However, debt settlement could look bad on your credit report.

And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " Debt consolidation is a strategy to roll multiple old debts into a single new one.

Knowing all your options is important before making a major financial decision.

You don't want to entangle yourself in an agreement only to find out you have sunk deeper into debt.

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In exchange for that risk, they typically charge high interest rates.

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