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Question by rich_oldman: What is the difference between debt settlement and debt relief? How does it affect ones credit report?
Best answer:
Answer by calcdffirefighter
Debt settlement usually means you settle for less than what you actually owe (bad mark on credit)
Debt relief usually involves consolidating your payments into a single loan. (if reported on your credit it is also a bad mark)
Usually all fast fixes will leave some negativity on your report. Best to try to take out a single loan and pay off your smaller higher interest rate debts first. Or transfer high interest credit cards to lower interest credit cards. It would also be possible to find a private investor who will take over your debts (pay off your creditors) without reporting that it is another loan that is paying off the creditors.
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