Managing your own debt is more of a self sufficient concept while debt consolidation services can be more of a joint effort with people who can end up being part of your debt solvency team.
Debt management is something which can be just merely keeping track of your own ledger.
Using your own ledger is a good way to make sure you do not fall behind.
People who have a lot of business contracts and a lot of different debts with a ton of different people would be wise to use a debt consolidation company so they can keep their head above water.
An average citizen who is not a business person who is just a little bit behind on a roof loan for example may be able to handle the issue alone.
I personally have seen more advertisements regarding the reforming of debts as opposed to advertisements encouraging people to manage their own debts.
The high number of ads gives people the sense that these consolidation companies are one of their best options out there, which they are.
Even people who once ran very successful companies want to use debt management in case they get in a hole, but they don't really want to get involved in a consolidation process due to the fees involved.
Consolidation can also tend to be a longer process due to the fact that the companies usually give you six months to a year to pay off your debts.
This extra time can be quite helpful.
The management process can give the individual person more control, but the time period involved in the management phase may not be set in stone like it should be.
Debt management agencies are typically something that non-profits use when they are struggling.
This is so the the groups who are doing so much good for society don't have to end up filing bankruptcy.
Bankruptcy is often avoided through this type of management.