The best debt alternative is to stay away from it. But if you incurred debt, just like everybody else, then you might want to think things over first. Is your debt getting out of hand? If so, what alternative should you use?
Debt settlement is the process wherein a third party (probably a debt solutions company agent) will help you negotiate with your creditors about your financial standing and your credit. Your agent might help you with the negotiation about the payment terms and interest rates of your debts.
Debt consolidation is taking out another loan to pay off all your debts. But before paying off your debts, your agent will help you talk to your creditors, persuade them to reduce the interest of your loan and prolong the deadline. If these terms were agreed upon, then you may take out another loan to finish your previous debts.
To know where to seek help, check out http://www.totaldebtservices.com.
Good luck! :)
