{"id":20709,"date":"2024-09-09T08:00:00","date_gmt":"2024-09-09T14:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=20709"},"modified":"2025-06-04T16:59:53","modified_gmt":"2025-06-04T22:59:53","slug":"debt-management-vs-debt-settlement","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/finance\/debt-management-vs-debt-settlement.html","title":{"rendered":"Debt management vs. debt settlement: Which is right for you?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/considering-debt-management-or-debt-settlement-1500x500-1.webp\" alt=\"Two women discuss debt management and  debt settlement\" class=\"wp-image-20711\" style=\"width:518px;height:auto\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/considering-debt-management-or-debt-settlement-1500x500-1.webp 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/considering-debt-management-or-debt-settlement-1500x500-1-1100x367.webp 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/considering-debt-management-or-debt-settlement-1500x500-1-768x256.webp 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p class=\"has-white-color has-text-color has-background has-link-color wp-elements-31f9e57120faf86b1f688710606b49ed\" style=\"background-color:#00214f\">Debt management consists of building a repayment plan that lasts for several years. Debt settlement aims to reduce your existing debt by a certain amount. Other viable alternatives include writing a hardship letter and filing for bankruptcy.<\/p>\n\n\n\n<p>Sizeable debt can severely limit your funds and reduce opportunities to grow your wealth. Managing debt may be a national issue, as the <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve Bank of New York<\/a>, found that average household debt in America rose to $17.7 trillion in the first quarter of 2024. Debt management and debt settlement are two powerful tools that can help you reduce your household financial burden in certain circumstances.<\/p>\n\n\n\n<p>Here, we\u2019ll break down both debt relief methods and their pros and cons, plus discuss alternate options.&nbsp;<\/p>\n\n\n\n<p>Read on to learn their advantages and disadvantages, and decide which debt relief method will work for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-debt-management-breakdown\"><strong>Debt management breakdown<\/strong><\/h2>\n\n\n\n<p>Debt management is a debt relief strategy where you budget your funds to repay outstanding balances over time. You can create a DIY debt management plan though it\u2019s strongly advised to work with a financial advisor to access their expertise and resources.&nbsp;<\/p>\n\n\n\n<p>Debt management is ideal for <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/unsecured-debt.html\" target=\"_blank\" rel=\"noreferrer noopener\">unsecured debt<\/a> (e.g., credit cards, personal loans and student loans) where there\u2019s no collateral involved in the agreement. Debt management plans will encourage you to make monthly payments on your balance for a set amount of time. The more you pay off your balance, the less you\u2019ll have to pay in interest.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-advantages-and-disadvantages-of-debt-management\"><strong>Advantages and disadvantages of debt management<\/strong><\/h3>\n\n\n\n<p>Debt management is a long-term debt relief method that\u2019s meant to pan out across many years. Here are some of the pros and cons of using a debt management program.<\/p>\n\n\n\n<p><strong>Pros&nbsp;<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Lower interest rates:<\/strong> Debt management can result in lower interest rates if you work with a financial advisor or counselor. These professionals can convince your lender to offer a lower rate than what you\u2019re paying on your original loan.<\/li>\n\n\n\n<li><strong>Boosts your credit: <\/strong>Sticking with a debt management plan can boost your credit over time, as payment history is the largest factor that <a href=\"https:\/\/www.lexingtonlaw.com\/education\/what-affects-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">affects your credit score<\/a>. Even if you just make the minimum payment, your score will steadily improve.<\/li>\n\n\n\n<li><strong>One payment:<\/strong> A counselor can arrange for you to be responsible for one monthly payment. This can make it easier for you to track how much you owe and how much you need to save each month.<\/li>\n<\/ul>\n\n\n\n<p><strong>Cons<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>No new credit:<\/strong> While debt management is underway, you may be required to not add additional credit to your profile. It\u2019s also possible that some of your existing accounts will be put on hold or closed as this process occurs.<\/li>\n\n\n\n<li><strong>Creditors must agree: <\/strong>Lenders must be willing to set up a debt management plan with you for this process to begin.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Comes with fees:<\/strong> If you work with an advisor or a counselor, you may have to pay additional fees for their assistance. There\u2019s normally a one-time $75 set up fee.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1501\" height=\"2069\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement.webp\" alt=\"Should you use debt management or debt settlement?\" class=\"wp-image-20713\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement.webp 1501w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement-1100x1516.webp 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement-768x1059.webp 768w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement-1114x1536.webp 1114w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/debt-management-vs-debt-settlement-1486x2048.webp 1486w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is debt management right for you?<\/strong><\/h3>\n\n\n\n<p>The best debt management programs are the ones you can realistically stick with. This method may be right for you if you\u2019re able to budget the funds needed to satisfy your required minimum monthly payments.&nbsp;<\/p>\n\n\n\n<p>It might be time to consider debt management when:<\/p>\n\n\n\n<ul>\n<li>You have the funds to afford extra fees<\/li>\n\n\n\n<li>You\u2019re able to stick to a multi-year repayment schedule<\/li>\n\n\n\n<li>You want to reduce your total unsecured debt<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is debt settlement?<\/strong><\/h2>\n\n\n\n<p>Debt settlement consists of paying a lender a certain amount of money in exchange for a reduced balance or even total <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/debt-forgiveness.html\" target=\"_blank\" rel=\"noreferrer noopener\">debt forgiveness<\/a>. Negotiation is integral to this process; you can try to negotiate yourself, or you can enlist the aid of a debt relief company.&nbsp;<\/p>\n\n\n\n<p>While debt settlement can reduce your financial burden, it can also impact your credit score. That\u2019s why it\u2019s important to carefully consider how this option can affect you in the short and long term. The entire debt settlement process can take up to four years to complete, and the process can cost between 15 to 30 percent of your original debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Debt settlement pros and cons&nbsp;<\/strong><\/h3>\n\n\n\n<p>In theory, debt settlement can reduce your financial burden and act as an alternative to options like bankruptcy. In practice, debt settlement comes with pros and cons you\u2019ll have to consider.<\/p>\n\n\n\n<p><strong>Pros&nbsp;<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Can help avoid bankruptcy:<\/strong> Filing for <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/what-is-bankruptcy.html\" target=\"_blank\" rel=\"noreferrer noopener\">bankruptcy<\/a> is a very effective debt relief option in the right scenarios. Debt settlement is often viewed as a step to consider before committing to bankruptcy.<\/li>\n\n\n\n<li><strong>Lowers your total balance:<\/strong> If debt settlement is successful, you can potentially lower your financial burden by as much as 50 percent of the amount owed. In certain cases, you can even settle an outstanding debt entirely.<\/li>\n\n\n\n<li><strong>Speeds up repayment: <\/strong>Reducing the total amount of money you owe means you\u2019ll spend less time repaying lenders.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Cons<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Affects your credit score:<\/strong> Debt settlement gets reported to the major <a href=\"https:\/\/www.lexingtonlaw.com\/education\/three-credit-bureaus\" target=\"_blank\" rel=\"noreferrer noopener\">credit bureaus<\/a>. This can stay on your credit report for up to seven years and potentially lower your score if an account has been settled.<\/li>\n\n\n\n<li><strong>Fees:<\/strong> Debt settlement fees normally cost between <a href=\"https:\/\/www.cbsnews.com\/news\/how-much-does-a-debt-relief-program-cost\/\" target=\"_blank\" rel=\"noreferrer noopener\">15 and 25 percent<\/a> of the original amount you owed.<\/li>\n\n\n\n<li><strong>Taxes can apply:<\/strong> While filing your taxes, your settled debt is subject to the same taxes as ordinary income. You may have to account for this tax implication the following year.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is debt settlement right for you?<\/strong><\/h3>\n\n\n\n<p>Debt settlement programs can be a good fit for you if you\u2019re willing and able to handle the various fees associated with this method. Secured debt isn\u2019t typically eligible for this debt relief option, which means that credit cards and student loans aren\u2019t normally approved for debt settlement procedures.&nbsp;<\/p>\n\n\n\n<p>Debt settlement might be a strong choice for you if::<\/p>\n\n\n\n<ul>\n<li>You want to expedite your repayment plan<\/li>\n\n\n\n<li>You can afford the fees and taxes associated with this method<\/li>\n\n\n\n<li>You believe you can make your new minimum payments after settlement<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alternative means for debt relief<\/strong><\/h2>\n\n\n\n<p>Debt management and settlement aren\u2019t the only tools you can use to lighten your financial burden. You might consider these alternative debt relief methods for several reasons: They can better suit your budget, they might align with your scheduling needs and they can be the right fit for your credit profile.<\/p>\n\n\n\n<p>Some alternate debt relief options include:&nbsp;<\/p>\n\n\n\n<ul>\n<li><strong>Debt consolidation:<\/strong> You secure a debt consolidation loan that helps you move all of your existing debt onto one account. Ideally, you\u2019ll have lower interest rates and a simpler repayment scheme.<\/li>\n\n\n\n<li><strong>Bankruptcy:<\/strong> Filing for bankruptcy can reduce your debt to a great degree. <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/life-events\/chapter-7-bankruptcy.html\" target=\"_blank\" rel=\"noreferrer noopener\">Chapter 7 bankruptcy<\/a> encourages filers to sell their assets to help reduce what they owe. Chapter 13 can result in total debt elimination so long as you plan for its impact.<\/li>\n\n\n\n<li><strong>Hardship letters:<\/strong> A hardship or <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-repair\/goodwill-letter.html\" target=\"_blank\" rel=\"noreferrer noopener\">goodwill letter<\/a> can result in leniency from creditors after you explain your financial situation in detail.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1501\" height=\"1692\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/additional-debt-relief-options.webp\" alt=\"What other options do you have for debt relief?\" class=\"wp-image-20710\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/additional-debt-relief-options.webp 1501w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/additional-debt-relief-options-1100x1240.webp 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/additional-debt-relief-options-768x866.webp 768w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/08\/additional-debt-relief-options-1363x1536.webp 1363w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Explore debt relief options with Lexington Law Firm<\/strong><\/h2>\n\n\n\n<p>Debt management and debt settlement are effective tools in their own right. Before pursuing any debt relief options, confirm that any negative items on your report are accurate. Lexington Law Firm\u2019s <a href=\"https:\/\/www.lexingtonlaw.com\/credit-snapshot\/pi\" target=\"_blank\" rel=\"noreferrer noopener\">free credit assessment<\/a> can help you spot inconsistencies on your credit report. Learn more about <a href=\"https:\/\/www.lexingtonlaw.com\/our-services\" target=\"_blank\" rel=\"noreferrer noopener\">our services<\/a> to see which credit resources might help you the most.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law\u2019s editorial disclosure [&hellip;]<\/p>\n","protected":false},"author":63,"featured_media":20712,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534],"tags":[5140],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Debt management vs. debt settlement: Which is right for you?<\/title>\n<meta name=\"description\" content=\"Debt management and settlement are ideal for different scenarios. 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