Debt Consolidation vs. Debt Settlement: 5 Things You Need to Know

So let me ask you: Got debt? If so, you're not alone. According to the Consumer Financial Protection Bureau, 28% of consumers have an account in collections. Think about that. More than one if four of us are getting hounded on a past-due bill!

Maybe you're not to that point yet, but you can probably relate to the feeling of the bills piling up. Or maybe you're wondering how you'll pay off your part of the more than $1.7 trillion in student loan debt.

Bottom line? Getting out from under debt can be daunting. Like marriage or car leases, debt's a lot easier to get into than to get out of.

So this week we're going to look at different solutions to destroy that debt.

In this week's podcast, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. We have two special guests this week, Natalia Brown and Jeff Biesman from National Debt Relief. They'll walk us through options like debt consolidation and debt settlement.

Before we start, two things: First, MoneyTalksNews has an advertising relationship with National Debt Relief. But that's not going to influence our panel's opinions. Second, be aware that anything you hear on this podcast doesn't constitute financial advice. Always do your own research and consult your own experts before acting on anything you learn here.

OK, let's dive in.

You can watch this episode below, or if you'd prefer to listen, you can do that with the player at the top of this article or download the episode wherever you get your podcasts:

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Debt Consolidation vs. Debt Settlement

It's important to understand the difference between debt consolidation and debt settlement. We take you through all of that in this episode. Our special guests help you understand how their services work, and we also offer you some ideas for what is likely to work best for you. Depending on your situation, one solution might work better than another. Before you decide, check out this episode where Miranda gets real about how she messed up her credit big time.

Here are some resources from Money Talks News about debt settlement and debt consolidation, as well as information about dealing with debt collectors:

• 2-Minute Money Manager: Should I Get a Debt Consolidation Loan?
• 9 Tips for Finding Trustworthy Debt Help You Can Afford
• 3 Powerful Tools to Destroy Your Debts and Renew Your Credit
• 5 Ways to Deal With Debt Collectors if You're Afraid to Pick Up the Phone
• 10 Debt Management Tips for New College Grads
• How I Slashed $25,000 in Credit Card Debt to Zero
• 9 Tips for Finding Trustworthy Debt Help You Can Afford
• 2-Minute Money Manager: Should I Use a Credit Counselor for Debt Help?
• Ask Stacy: Where Can I Find Help With Credit Card Debt?

How to pay down debt

If you're interested in paying down debt on your own, we have a lot of great resources on how to create a plan to pay down debt.

• 5 Things You Need to Know About Paying Off Debt This Year
• How to Destroy Your Debt and 3 Things to Do Next
• Tips and Tricks to Help You Destroy Debt
• 7 Great Tools to Help You Get Out of Debt
• The Best Way to Kill Off Credit Card Debt
• How to Pay Off $10,000 in Debt Without Breaking a Sweat
• 10 Steps to Get Out of Debt Now and Stay Out of Debt Forever
• The Fastest Proven Ways to Destroy Debt
• 2-Minute Money Manager: What's the Best Way to Pay Down Debt?
• 7 Easy Ways to Stay Out of Debt

Natalia Brown joined National Debt Relief (NDR) in 2010 and has served as Chief Client Operations Officer since 2019. Natalia is also an Executive Board Member of the American Fair Credit Council (AFCC).

Natalia volunteers at New Women New Yorkers, a nonprofit that focuses on supporting immigrant women in New York. She also sits on the advisory board for Four Steps Forward, a program that aims to financially educate one million black women over the next five years.

Natalia is a native New Yorker and has two sons who inspire her to be the best she can every day. She is a certified debt specialist and holds a bachelor's degree in accounting from Lehman College and a master's in operations and project management from Southern New Hampshire University.

Jeff Biesman is the Chief Marketing Officer at National Debt Relief and Reach Financial. In this capacity, Jeff is responsible for the brand, PR, partnerships, and all direct-to-consumer marketing activities for both companies. Jeff's career spans a wide range of organizations including AT&T Interactive, Shoedazzle, Bank of America, Sony Pictures Digital, The Walt Disney Company and others.

Jeff grew up in Texas and attended the University of Texas at Austin, where he received a B.A. in Political Science and MBA with a concentration in marketing. Jeff currently resides in Agoura Hills, California.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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