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Debt consolidation is a loan used to pay off debt. The loan could be issued by a bank, third-party financial company, or a home equity line of credit (best case to to low interest). This infographic focuses on credit card debt relief programs and lists the pros and cons of debt consolidation.
In terms of debt settlement, a debt settlement program acts as a liason between you and your creditors. The program's negotiators work out the settlement on your behalf, getting your balances reduced to a fraction of what's owed.
Consumer credit counseling programs combine a person's credit card payments into one single payment. This is not a loan. Creditors continue to get paid with consumer credit counseling but at a reduced interest rate.
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Source: https://goldenfs.org/credit-card-debt-relief-programs-summary/
