![]() There are different ways you can approach it, depending on how much you owe and what type of interest rates you’re paying. Debt Relief Optionsĭebt relief isn’t a one-size-fits-all solution. You may also need to address the spending habits that are keeping you in debt. If you’re still creating new debt, then debt relief alone may not be enough. You’re not interested in making a long-term commitment to repaying debt.You’re continuing to add to your debt balances.You’ve tried to manage your debt on your own, but you can’t seem to make any progress.You’re not behind on bills yet, but you’re struggling to afford your payments.You’re behind on credit card bills or other loan payments.So, before digging into the options, it’s helpful to understand who debt relief is suitable for. When You Should and Should Not Seek Debt Reliefĭebt relief may not be right for everyone. When comparing debt relief programs or options, it’s important to consider both the good and the bad. But there can be significant credit score impacts associated with filing bankruptcy. Changes to credit card or loan repayment termsīankruptcy can also be considered a form of debt relief.Some of the ways debt relief can work include: The next step is choosing a debt relief option. The first step is realizing that you need help with managing debts. ![]() How Does Debt Relief Work?ĭebt relief works by making it easier for you to reduce your debt burden. Debt relief is about helping people find a workable path for eliminating debt. While the means are different, the end goal is similar. Or you may be interested in debt consolidation if you have several types of debt to pay off.Ĭredit counseling, debt management plans and debt settlement also fall under the debt relief umbrella. What debt relief looks like for you may hinge on the types of debts you have and what you need help with most.įor example, you may need credit card debt relief if you’re struggling to pay off credit card bills. Debt relief refers to a variety of strategies for making debt easier to handle.
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