Debt options

Compare your options honestly.

There's no single right answer. Every option has advantages, costs and potential consequences.

Free consultation. No obligation to enroll.

Budgeting & self-directed payoff

Reorganize your spending and pay debts down on your own schedule.

How it works: You list every debt, set a realistic budget and direct extra money to one balance at a time, often the highest-interest one first.
May fit: People whose income comfortably covers more than their minimum payments.
Keep in mind: No fees
Requires consistent extra payments
Interest continues to accrue

Work with a counselor, often at a nonprofit agency, on a budget and repayment plan.

How it works: A counselor reviews your finances. Some agencies offer a debt management plan where you make one monthly payment and creditors may reduce interest rates.
May fit: People who can repay their full balances with lower interest and more structure.
Keep in mind: You repay the full balance
Plans often last 3–5 years
Accounts are usually closed
Small fees may apply

Combine several debts into one new loan or balance transfer.

How it works: You use a new loan or card to pay off existing balances, leaving one payment, ideally at a lower interest rate.
May fit: People with good enough credit to qualify for a better rate.
Keep in mind: Requires credit approval
Fees and rates vary
Doesn't reduce what you owe
Risky if new balances build

Negotiate with creditors to accept less than the full balance.

How it works: A provider negotiates with creditors on your behalf while you set aside money in a dedicated account. Settlements are paid from those funds when reached.
May fit: People with significant unsecured debt who are experiencing real financial hardship.
Keep in mind: Can significantly harm your credit
Creditors may not agree
Lawsuits and collections may continue
Forgiven debt may be taxable
Program fees apply

A legal process that can eliminate or restructure debts under court protection.

How it works: Chapter 7 may discharge many unsecured debts; Chapter 13 sets a court-supervised repayment plan. An attorney can explain which may apply.
May fit: People with debts they realistically cannot repay, after speaking with a bankruptcy attorney.
Keep in mind: Long-lasting credit impact
Court and attorney fees
Some assets may be affected
Not all debts are dischargeable

Your credit may be affected
Debt relief programs can have a negative effect on your credit, especially if accounts become delinquent during the program.
Creditors don't have to negotiate
Creditors are not required to participate or to accept a reduced amount. Some may not.
Collection activity may continue
Creditors and collectors may keep contacting you, and interest, late fees and penalties may continue to accrue.
Lawsuits are possible
A creditor may sue to collect a debt, which can lead to judgments, garnishment or other remedies allowed by law.
Results aren't guaranteed
Not every debt is resolved, and no specific savings, settlement or timeline can be promised.
Taxes may apply
Forgiven debt may be considered taxable income. Consult a tax professional about your situation.
Stopping payments has consequences
Stopping payments to creditors can lead to late fees, collections and credit damage. Understand this fully before deciding.

Start with a free conversation. We'll learn about your situation, answer your questions and help you understand what options may be available.

Free consultation • No obligation