--- title: "20 Debt Quotes By Jean Chatzky" description: "20 Debt quotes by Jean Chatzky. Plus more from Jean Chatzky and more Debt sayings from other authors." image: "https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png" --- > [If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do…](https://sms4smile.com/quotes/jean-chatzky/if-you-have-even-a-smidgen-of-doubt-that-you-ll-be-able-to-stay-away/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png) > [You really don't need to hire a debt settlement company to negotiate with your creditors.](https://sms4smile.com/quotes/jean-chatzky/you-really-don-t-need-to-hire-a-debt-settlement-company-to-negotiate/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/9f4/jean-chatzky-15313_business_you-really-don-t-need-to-hire-a-debt-set_2043195.png) > [Rolling all of your debts into a single loan is a good idea - in theory. In fact, it can be a…](https://sms4smile.com/quotes/jean-chatzky/rolling-all-of-your-debts-into-a-single-loan-is-a-good-idea-in-theory/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/f8d/jean-chatzky-15313_debt_rolling-all-of-your-debts-into-a-single_2383799.png) > [No company can promise an end date, but if you have multiple debts, the first one should be settled within a year.](https://sms4smile.com/quotes/jean-chatzky/no-company-can-promise-an-end-date-but-if-you-have-multiple-debts-the/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/f1c/jean-chatzky-15313_business_no-company-can-promise-an-end-date-but-i_3000409.png) > [If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.](https://sms4smile.com/quotes/jean-chatzky/if-you-d-asked-me-a-few-years-ago-about-debt-settlement-companies-i/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/2bf/jean-chatzky-15313_company_if-you-d-asked-me-a-few-years-ago-about_1404822.png) > [One thing I want to make clear: You never want to hide from your debts. It doesn't work.](https://sms4smile.com/quotes/jean-chatzky/one-thing-i-want-to-make-clear-you-never-want-to-hide-from-your-debts/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/a7b/jean-chatzky-15313_clear_one-thing-i-want-to-make-clear-you-never_1656469.png) > [If you default on an unsecured debt, you won't lose anything (except points on your credit score).](https://sms4smile.com/quotes/jean-chatzky/if-you-default-on-an-unsecured-debt-you-won-t-lose-anything-except/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/fdd/jean-chatzky-15313_credit_if-you-default-on-an-unsecured-debt-you_2445982.png) > [If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook…](https://sms4smile.com/quotes/jean-chatzky/if-you-are-able-to-settle-you-ll-be-getting-off-rather-easy-debt/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/b6b/jean-chatzky-15313_able_if-you-are-able-to-settle-you-ll-be-gett_2077884.png) > [When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card…](https://sms4smile.com/quotes/jean-chatzky/when-you-default-on-a-secured-debt-the-creditor-takes-the-asset-that/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/e87/jean-chatzky-15313_assets_when-you-default-on-a-secured-debt-the-c_1125193.png) > [If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as…](https://sms4smile.com/quotes/jean-chatzky/if-you-re-filing-bankruptcy-you-will-likely-want-to-hire-an-attorney/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/e0e/jean-chatzky-15313_attorney_if-you-re-filing-bankruptcy-you-will-lik_3047853.png) > [In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and…](https://sms4smile.com/quotes/jean-chatzky/in-about-one-third-of-credit-card-consolidations-within-a-short/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/4f6/jean-chatzky-15313_cards_in-about-one-third-of-credit-card-consol_1543093.jpg) > [If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a…](https://sms4smile.com/quotes/jean-chatzky/if-you-are-consolidating-at-a-lower-interest-rate-can-help-you-pay/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/687/jean-chatzky-15313_chance_if-you-are-consolidating-at-a-lower-inte_1420170.png) > [Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you…](https://sms4smile.com/quotes/jean-chatzky/debt-settlement-companies-work-as-a-middleman-between-you-and-your/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/741/jean-chatzky-15313_able_debt-settlement-companies-work-as-a-midd_1297298.png) > [You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or…](https://sms4smile.com/quotes/jean-chatzky/you-also-need-to-understand-that-when-you-consolidate-credit-card/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg) > [The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously…](https://sms4smile.com/quotes/jean-chatzky/the-bankruptcy-reform-act-of-2005-made-it-harder-for-individuals-to/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/2eb/jean-chatzky-15313_bankruptcy_the-bankruptcy-reform-act-of-2005-made-i_797735.jpg) > [You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts…](https://sms4smile.com/quotes/jean-chatzky/you-settled-a-debt-instead-of-paying-in-full-will-stay-on-your-credit/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/d95/jean-chatzky-15313_accounts_you-settled-a-debt-instead-of-paying-in_2006679.png) > [A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity…](https://sms4smile.com/quotes/jean-chatzky/a-consolidation-makes-sense-only-if-you-can-lower-your-overall/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/5ae/jean-chatzky-15313_cards_a-consolidation-makes-sense-only-if-you_1141371.png) > [Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation…](https://sms4smile.com/quotes/jean-chatzky/once-the-settlement-is-completed-the-credit-card-company-will-report/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/94e/jean-chatzky-15313_accounts_once-the-settlement-is-completed-the-cre_1712785.jpg) > [The debt settlement company will direct you to stop paying your creditor and instead send the money directly to them each month.…](https://sms4smile.com/quotes/jean-chatzky/the-debt-settlement-company-will-direct-you-to-stop-paying-your/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/f1d/jean-chatzky-15313_amount_the-debt-settlement-company-will-direct_3004308.png) > [Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible…](https://sms4smile.com/quotes/jean-chatzky/most-people-don-t-know-this-but-if-you-settle-a-debt-for-less-than/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) [Image](https://sms4smile.com/quotes/i/108/jean-chatzky-15313_amount_most-people-don-t-know-this-but-if-you-s_1550709.jpg) ## Other authors on Debt ## More by Jean Chatzky > [It's not about having it all. It's about having what you value most.](https://sms4smile.com/quotes/jean-chatzky/it-s-not-about-having-it-all-it-s-about-having-what-you-value-most/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [Get your friends involved. Let your shopping buddies know that you're on a tight budget, and they can help you out when your willpower…](https://sms4smile.com/quotes/jean-chatzky/get-your-friends-involved-let-your-shopping-buddies-know-that-you-re/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [You must be sure - and I mean absolutely positive - that you have the willpower to pay off those credit cards and not…](https://sms4smile.com/quotes/jean-chatzky/you-must-be-sure-and-i-mean-absolutely-positive-that-you-have-the/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [A little personality goes a long way.](https://sms4smile.com/quotes/jean-chatzky/a-little-personality-goes-a-long-way/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked…](https://sms4smile.com/quotes/jean-chatzky/the-bankruptcy-reform-act-of-2005-made-it-harder-for-individuals-to/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [Save for your goals. Take note of what's coming your way - vacations, the holidays, what ever is going to cost you money -…](https://sms4smile.com/quotes/jean-chatzky/save-for-your-goals-take-note-of-what-s-coming-your-way-vacations-the/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [Turn down offers for new cards or credit line increases on your current cards. Credit's tight, and chances are, you're not getting many offers…](https://sms4smile.com/quotes/jean-chatzky/turn-down-offers-for-new-cards-or-credit-line-increases-on-your/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to…](https://sms4smile.com/quotes/jean-chatzky/when-you-default-on-a-secured-debt-the-creditor-takes-the-asset-that/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan…](https://sms4smile.com/quotes/jean-chatzky/a-consolidation-makes-sense-only-if-you-can-lower-your-overall/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [Sometimes a creditor is willingto do this as a bargaining point - you give the creditor cash in hand, it gives you a positive…](https://sms4smile.com/quotes/jean-chatzky/sometimes-a-creditor-is-willingto-do-this-as-a-bargaining-point-you/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be…](https://sms4smile.com/quotes/jean-chatzky/debt-settlement-companies-work-as-a-middleman-between-you-and-your/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC…](https://sms4smile.com/quotes/jean-chatzky/you-also-need-to-understand-that-when-you-consolidate-credit-card/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [If you'd asked me a few years ago about debt settlement companies, I probably would have told you to avoid them.](https://sms4smile.com/quotes/jean-chatzky/if-you-d-asked-me-a-few-years-ago-about-debt-settlement-companies-i/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance…](https://sms4smile.com/quotes/jean-chatzky/if-you-are-consolidating-at-a-lower-interest-rate-can-help-you-pay/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) > [You won't be caught off guard and you won't feel guilty, because you'll be spending money that you've allocated for the occasion.](https://sms4smile.com/quotes/jean-chatzky/you-won-t-be-caught-off-guard-and-you-won-t-feel-guilty-because-you/) [Jean Chatzky](https://sms4smile.com/quotes/author/jean-chatzky/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/debt/jean-chatzky/#itemlist", "name": "20 Debt Quotes By Jean Chatzky", "numberOfItems": 20, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't do it.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/if-you-have-even-a-smidgen-of-doubt-that-you-ll-be-able-to-stay-away/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png", "contentUrl": "https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png", "url": "https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png", "width": 1080, "height": 1080, "caption": "“If you have even a smidgen of doubt that you'll be able to stay away from racking up additional debt, don't…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "You really don't need to hire a debt settlement company to negotiate with your creditors.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/you-really-don-t-need-to-hire-a-debt-settlement-company-to-negotiate/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9f4/jean-chatzky-15313_business_you-really-don-t-need-to-hire-a-debt-set_2043195.png", "contentUrl": "https://sms4smile.com/quotes/i/9f4/jean-chatzky-15313_business_you-really-don-t-need-to-hire-a-debt-set_2043195.png", "url": "https://sms4smile.com/quotes/i/9f4/jean-chatzky-15313_business_you-really-don-t-need-to-hire-a-debt-set_2043195.png", "width": 1080, "height": 1080, "caption": "“You really don't need to hire a debt settlement company to negotiate with your creditors.” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Rolling all of your debts into a single loan is a good idea - in theory. 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It doesn't work.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/one-thing-i-want-to-make-clear-you-never-want-to-hide-from-your-debts/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a7b/jean-chatzky-15313_clear_one-thing-i-want-to-make-clear-you-never_1656469.png", "contentUrl": "https://sms4smile.com/quotes/i/a7b/jean-chatzky-15313_clear_one-thing-i-want-to-make-clear-you-never_1656469.png", "url": "https://sms4smile.com/quotes/i/a7b/jean-chatzky-15313_clear_one-thing-i-want-to-make-clear-you-never_1656469.png", "width": 1080, "height": 1080, "caption": "“One thing I want to make clear: You never want to hide from your debts. It doesn't work.” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "If you default on an unsecured debt, you won't lose anything (except points on your credit score).", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/if-you-default-on-an-unsecured-debt-you-won-t-lose-anything-except/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/fdd/jean-chatzky-15313_credit_if-you-default-on-an-unsecured-debt-you_2445982.png", "contentUrl": "https://sms4smile.com/quotes/i/fdd/jean-chatzky-15313_credit_if-you-default-on-an-unsecured-debt-you_2445982.png", "url": "https://sms4smile.com/quotes/i/fdd/jean-chatzky-15313_credit_if-you-default-on-an-unsecured-debt-you_2445982.png", "width": 1080, "height": 1080, "caption": "“If you default on an unsecured debt, you won't lose anything (except points on your credit score).” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get you off the hook for a large percentage of your debt - in many cases, up to 50% will be written off.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/if-you-are-able-to-settle-you-ll-be-getting-off-rather-easy-debt/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b6b/jean-chatzky-15313_able_if-you-are-able-to-settle-you-ll-be-gett_2077884.png", "contentUrl": "https://sms4smile.com/quotes/i/b6b/jean-chatzky-15313_able_if-you-are-able-to-settle-you-ll-be-gett_2077884.png", "url": "https://sms4smile.com/quotes/i/b6b/jean-chatzky-15313_able_if-you-are-able-to-settle-you-ll-be-gett_2077884.png", "width": 1080, "height": 1080, "caption": "“If you are able to settle, you'll be getting off rather easy. Debt settlement companies can sometimes get…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/when-you-default-on-a-secured-debt-the-creditor-takes-the-asset-that/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e87/jean-chatzky-15313_assets_when-you-default-on-a-secured-debt-the-c_1125193.png", "contentUrl": "https://sms4smile.com/quotes/i/e87/jean-chatzky-15313_assets_when-you-default-on-a-secured-debt-the-c_1125193.png", "url": "https://sms4smile.com/quotes/i/e87/jean-chatzky-15313_assets_when-you-default-on-a-secured-debt-the-c_1125193.png", "width": 1080, "height": 1080, "caption": "“When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "If you're filing bankruptcy, you will likely want to hire an attorney. But for debt settlement, a company is sufficient, or as I said, you can often do the legwork on your own.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/if-you-re-filing-bankruptcy-you-will-likely-want-to-hire-an-attorney/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e0e/jean-chatzky-15313_attorney_if-you-re-filing-bankruptcy-you-will-lik_3047853.png", "contentUrl": "https://sms4smile.com/quotes/i/e0e/jean-chatzky-15313_attorney_if-you-re-filing-bankruptcy-you-will-lik_3047853.png", "url": "https://sms4smile.com/quotes/i/e0e/jean-chatzky-15313_attorney_if-you-re-filing-bankruptcy-you-will-lik_3047853.png", "width": 1080, "height": 1080, "caption": "“If you're filing bankruptcy, you will likely want to hire an attorney. 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You're in a hole that's twice as deep - and twice as steep.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/in-about-one-third-of-credit-card-consolidations-within-a-short/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4f6/jean-chatzky-15313_cards_in-about-one-third-of-credit-card-consol_1543093.jpg", "contentUrl": "https://sms4smile.com/quotes/i/4f6/jean-chatzky-15313_cards_in-about-one-third-of-credit-card-consol_1543093.jpg", "url": "https://sms4smile.com/quotes/i/4f6/jean-chatzky-15313_cards_in-about-one-third-of-credit-card-consol_1543093.jpg", "width": 1080, "height": 1080, "caption": "“In about one-third of credit card consolidations, within a short period of time, the cards come back out of…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's even a small chance that you'll spiral back into debt, it's not for you.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/if-you-are-consolidating-at-a-lower-interest-rate-can-help-you-pay/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/687/jean-chatzky-15313_chance_if-you-are-consolidating-at-a-lower-inte_1420170.png", "contentUrl": "https://sms4smile.com/quotes/i/687/jean-chatzky-15313_chance_if-you-are-consolidating-at-a-lower-inte_1420170.png", "url": "https://sms4smile.com/quotes/i/687/jean-chatzky-15313_chance_if-you-are-consolidating-at-a-lower-inte_1420170.png", "width": 1080, "height": 1080, "caption": "“If you are, consolidating at a lower interest rate can help you pay off your debt faster. But if there's…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a big if), you should be able to settle your debts for cents on the dollar. You'll also pay a fee to the debt settlement company, usually either a percentage of the total debt you have or a percentage of the total amount forgiven.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/debt-settlement-companies-work-as-a-middleman-between-you-and-your/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/741/jean-chatzky-15313_able_debt-settlement-companies-work-as-a-midd_1297298.png", "contentUrl": "https://sms4smile.com/quotes/i/741/jean-chatzky-15313_able_debt-settlement-companies-work-as-a-midd_1297298.png", "url": "https://sms4smile.com/quotes/i/741/jean-chatzky-15313_able_debt-settlement-companies-work-as-a-midd_1297298.png", "width": 1080, "height": 1080, "caption": "“Debt settlement companies work as a middleman between you and your creditor. If all goes well (and that's a…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 14, "item": { "@type": "Quotation", "text": "You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/you-also-need-to-understand-that-when-you-consolidate-credit-card/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg", "contentUrl": "https://sms4smile.com/quotes/i/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg", "url": "https://sms4smile.com/quotes/i/e84/jean-chatzky-15313_cards_you-also-need-to-understand-that-when-yo_1363945.jpg", "width": 1080, "height": 1080, "caption": "“You also need to understand that when you consolidate credit card debt into mortgage debt - like a home…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 15, "item": { "@type": "Quotation", "text": "The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the last resort. Unfortunately, simultaneously consumers racked up so much debt that counseling companies - which are higher up on my list if you need help managing your debt - are sometimes unable to help. So if you fall into this camp, debt settlement may be something to consider.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/the-bankruptcy-reform-act-of-2005-made-it-harder-for-individuals-to/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2eb/jean-chatzky-15313_bankruptcy_the-bankruptcy-reform-act-of-2005-made-i_797735.jpg", "contentUrl": "https://sms4smile.com/quotes/i/2eb/jean-chatzky-15313_bankruptcy_the-bankruptcy-reform-act-of-2005-made-i_797735.jpg", "url": "https://sms4smile.com/quotes/i/2eb/jean-chatzky-15313_bankruptcy_the-bankruptcy-reform-act-of-2005-made-i_797735.jpg", "width": 1080, "height": 1080, "caption": "“The Bankruptcy Reform Act of 2005 made it harder for individuals to file bankruptcy, which is always the…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 16, "item": { "@type": "Quotation", "text": "You settled a debt instead of paying in full will stay on your credit report for as long as the individual accounts are reported, which is typically seven years from the date that the account was settled. Unlike with bankruptcy, there isn't a separate line on your credit report dedicated to debt settlement, so each account settled will be listed as a charge-off.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/you-settled-a-debt-instead-of-paying-in-full-will-stay-on-your-credit/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d95/jean-chatzky-15313_accounts_you-settled-a-debt-instead-of-paying-in_2006679.png", "contentUrl": "https://sms4smile.com/quotes/i/d95/jean-chatzky-15313_accounts_you-settled-a-debt-instead-of-paying-in_2006679.png", "url": "https://sms4smile.com/quotes/i/d95/jean-chatzky-15313_accounts_you-settled-a-debt-instead-of-paying-in_2006679.png", "width": 1080, "height": 1080, "caption": "“You settled a debt instead of paying in full will stay on your credit report for as long as the individual…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 17, "item": { "@type": "Quotation", "text": "A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/a-consolidation-makes-sense-only-if-you-can-lower-your-overall/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/5ae/jean-chatzky-15313_cards_a-consolidation-makes-sense-only-if-you_1141371.png", "contentUrl": "https://sms4smile.com/quotes/i/5ae/jean-chatzky-15313_cards_a-consolidation-makes-sense-only-if-you_1141371.png", "url": "https://sms4smile.com/quotes/i/5ae/jean-chatzky-15313_cards_a-consolidation-makes-sense-only-if-you_1141371.png", "width": 1080, "height": 1080, "caption": "“A consolidation makes sense only if you can lower your overall interest rate. Many people consolidate by…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 18, "item": { "@type": "Quotation", "text": "Once the settlement is completed, the credit card company will report it to the credit bureaus, which will then make a notation on your credit report that that account was paid by settlement. That's going to signal to future lenders that you left the last guy hanging. That's why, as with bankruptcy, debt settlement is an extreme option, one you shouldn't take lightly. It's not just an easy, cheap way to eliminate debt.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/once-the-settlement-is-completed-the-credit-card-company-will-report/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/94e/jean-chatzky-15313_accounts_once-the-settlement-is-completed-the-cre_1712785.jpg", "contentUrl": "https://sms4smile.com/quotes/i/94e/jean-chatzky-15313_accounts_once-the-settlement-is-completed-the-cre_1712785.jpg", "url": "https://sms4smile.com/quotes/i/94e/jean-chatzky-15313_accounts_once-the-settlement-is-completed-the-cre_1712785.jpg", "width": 1080, "height": 1080, "caption": "“Once the settlement is completed, the credit card company will report it to the credit bureaus, which will…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 19, "item": { "@type": "Quotation", "text": "The debt settlement company will direct you to stop paying your creditor and instead send the money directly to them each month. The company's goal is to demonstrate to your creditor that you don't have the money to pay up - that's your leverage. After a few months, the company will typically go to the creditor and say, \"I'm holding X dollars on behalf of your customer. He doesn't have the money to pay you, so you should take this amount as a settlement or you'll end up with nothing.\" If the creditor wants to get paid badly enough, it will take the money.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/the-debt-settlement-company-will-direct-you-to-stop-paying-your/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f1d/jean-chatzky-15313_amount_the-debt-settlement-company-will-direct_3004308.png", "contentUrl": "https://sms4smile.com/quotes/i/f1d/jean-chatzky-15313_amount_the-debt-settlement-company-will-direct_3004308.png", "url": "https://sms4smile.com/quotes/i/f1d/jean-chatzky-15313_amount_the-debt-settlement-company-will-direct_3004308.png", "width": 1080, "height": 1080, "caption": "“The debt settlement company will direct you to stop paying your creditor and instead send the money directly…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 20, "item": { "@type": "Quotation", "text": "Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.", "creator": { "@type": "Person", "name": "Jean Chatzky" }, "url": "https://sms4smile.com/quotes/jean-chatzky/most-people-don-t-know-this-but-if-you-settle-a-debt-for-less-than/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/108/jean-chatzky-15313_amount_most-people-don-t-know-this-but-if-you-s_1550709.jpg", "contentUrl": "https://sms4smile.com/quotes/i/108/jean-chatzky-15313_amount_most-people-don-t-know-this-but-if-you-s_1550709.jpg", "url": "https://sms4smile.com/quotes/i/108/jean-chatzky-15313_amount_most-people-don-t-know-this-but-if-you-s_1550709.jpg", "width": 1080, "height": 1080, "caption": "“Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially…” — Jean Chatzky", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/debt/jean-chatzky/#webpage", "url": "https://sms4smile.com/quotes/about/debt/jean-chatzky/", "name": "Debt Quotes by Jean Chatzky", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/debt/jean-chatzky/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/131/jean-chatzky-15313_able_if-you-have-even-a-smidgen-of-doubt-that_2985927.png" }, "description": "20 Debt quotes by Jean Chatzky. 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