From the Glossy Page Blog

If you feel like you are drowning in debt, it is definitely a tough situation where you might need to seek some help. Probably, you have heard or read about debt consolidation services and debt settlement. Knowing the difference between the two can be a bit confusing. Basically, to determine what you really need, it depends on the amount of unsecured debt that you have.

Debt Consolidation Services

This method will not eliminate, nor lower you debts. Instead, your debts will be combined and you will just make your payment in one company. Also, your payments are lowered since they will be stretched out and you will pay for a longer period of time. Usually, your payment will be taken out from a particular part of you income.

Debt Elimination or Settlement

Debt settlement works differently from debt consolidation services. The company will negotiate with your creditors on a lower amount of payment that will clear your debt forever. In return, once the settlement has been reached, you will make a one-time payment including the service fee, and you are done with them.