Moneywise On Oneplace.com

If you’re drowning in debt and someone offers a lifeline, make sure it’s not really an anchor.You have a few different options for paying off debt, but they are definitely not all equal. You have debt settlement, debt consolidation, and debt management. Neile Simon joins us today to explain the difference.Neile Simon is a Certified Credit Counselor with Christian Credit Counselors (CCC), an underwriter of Faith & Finance.Debt Consolidation: A Quick Fix with Hidden DangersDebt consolidation is often seen as an attractive option because it combines multiple debts into one loan with an interest rate between 15% and 22%, depending on your credit score. This can make managing payments easier and allows you to keep your accounts open. However, Nearly warns that this method doesn't address spending habits, which can lead to accumulating more debt. Proverbs 13:11 reminds us: "Wealth gained hastily will dwindle, but whoever gathers little by little will increase it."Debt Settlement: Misleading and RiskyDebt settle