Is there a different between a debt workout solution and a debt consolidation program for reduction the purpose of lowering credit cardt and other unsecured debt?
Consider credit card debt workout as a negotiated settlement for less than the principal amount of credit card debt owed, with the possibility of an interest rate reduction. Companies such as JnR Associates who perform this type of work identify themselves as debt management, debt reduction, debt relief, debt workout, or debt settlement companies. A company specializing in debt consolidation usually uses the services of a credit counselor or taking a debt consolidation loan to pay of the debts in full.
Related Questions
- What is the different between a debt workout and a debt consolidation for reduction or elimination of credit card debt and other unsecured debt?
- How is the temporary Jobs Act Debt Refinance program different from the permanent 504 debt refinance program?
- What is unsecured debt and what types of debt are acceptable for this program?
