Is debt relief law the same as debt consolidation?

No, debt relief law and debt consolidation are not the same. Debt relief law helps Texans manage their debt by protecting them from abusive debt collection practices and providing a path to debt relief through debt negotiation services. This type of law prevents creditors from unfairly collecting debts by ceasing contact, limiting communication times, and providing clear information about the consumer’s rights. It also helps consumers negotiate with creditors to reduce or eliminate debt. Debt consolidation, on the other hand, is a process where a person consolidates multiple debts into one loan with one lending institution. This loan will typically have a lower interest rate and payment. Consolidating debt helps reduce monthly payments and can simplify the repayment process. Debt relief law and debt consolidation are different solutions for managing debt. Debt relief law helps consumers understand their rights and provides options for debt relief. Debt consolidation consolidates multiple debts into a single loan with a lower interest rate. Although each of these options can be used to help manage debt, they are not the same.

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Is debt relief law the same as debt consolidation?

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