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Common Debt Relief Terms

Debt Management: This is a program for those who can afford their debt but are struggling with high interest rates. Debt management serves to reduce high interest rates on existing credit cards, loans, and other debt, helping to reduce monthly outflows. Learn more.

Debt Consolidation: A form of debt management, debt consolidation is another term for bundling debt into one monthly payment which carries a reduced interest rate, and a lower monthly payment.

Debt Modification: For those whose debt is unmanageable, this debt relief program evaluates your existing credit cards, loans, bills, and income sources, negotiates down balances with creditors (debt settlement), and results in monthly payments that are more affordable. Learn more.

Debt Settlement: The negotiation phase of debt modification, debt settlement is a process between your debt management company and your creditors involving back-and-forth communication in an effort to substantially reduce your outstanding balances. The Debt Management Group has many examples of highly successful debt settlement outcomes.

Settlements: The term used when a creditor has agreed to a reduced amount as payment in full for your debt (aka debt modification). View recent settlements.

Bankruptcy: The legal declaration of an inability to pay creditors that has a long lasting negative impact on your credit rating. The Debt Management Group focuses on alternatives to bankruptcy that won’t negatively impact your credit rating for seven to ten years.

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We're not around right now. But you can send us an email and we'll get back to you, asap.

Questions, issues or concerns? I'd love to help you!

Click ENTER to chat