Debt Consolidation vs Debt Settlement Pros and Cons

Free Debt Options Calculator: tryascend.com/...
Okay, so is debt consolidation the same thing as debt settlement? And are there downsides to be aware of? Let’s find out.
Here's what we cover in today's video:
0:00: Intro
1:20 Debt Settlement vs Debt Consolidation
5:40 Debt Settlement and Debt Consolidation Pros and Cons
10:19 Something Most People Don't Know
Music by: bensound.com
License code: SHSFNOQYGHL5WJRY
Dave Ramsey Clip: • The Truth About Debt C...

[@AscendFinance]

Thanks for watching! As I mentioned, you can take our Free Debt Options Calculator here: tryascend.com/qualify/calculator/ytdcdspc24

[@chrisroberts9307]

Let me go ahead and correct you here sir. Debt settlement is consolidating. What you doing is consolidating all your debts into one payment when you do that settlement. Only thing is that you're not getting a loan to pay off the debt, what is happening is the get settlement team is it going to negotiate with each of your creditors get your balances for each of your accounts reduced down to 50%. I worked in debt settlement and personally for me it's a better option because you're no longer paying interest you getting your balance is reduced so you no longer have to worry about dealing with the creditors directly. What bothers me is that people are so concerned about their credit when their utilization is so high they can't even use the credit. So in that situation why not just go with debt settlement. When you're getting a loan you're basically just moving trash from one side of the room to the next.

[@AscendFinance]

Thanks for the comment, Chris. There are at least 3 types of consolidation, and yes, debt settlement is a type of consolidation, and I believe it can be a good option for some folks.

[@sandovalemily5749]

You can file irs from 982 to waive that 1099

[@AscendFinance]

Thanks, I believe this is the publication that shares that information: www.irs.gov/pub/irs-pdf/p4681.pdf

[@Ronimi-p4c]

So what I’m getting from this video is call every debtor & negotiate your own debt.

[@AscendFinance]

Depends! If you have any questions, you can call my team at 833-272-3631!

[@Ronimi-p4c]

Thank you for this video.

[@AscendFinance]

Glad it was helpful!

[@GeorgeDiaz-wu4xe]

I have about 50k in credit card debt with 650 FICO. Which credit cards are best for me? I need a recommendation for balance transfer cards. I have chase freedom, chase sapphire, chase ink, us bank platinum, discovery card, Amex card, Amazon card, bank of America card. All credit cards are around 20% APR. My credit score is 654. I am afraid to apply for anything for fear of dropping my score below 650. What would you recommend I do? Which cards require 650+ credit scores? 700+? Which balance transfer credit cards might be best in my position?

[@AscendFinance]

Thanks, sorry, I am behind on comments - Any chance you can call me/us at 833-272-3631? Would love to chat through it.