These debt relief programs don’t have a negative impact on your credit but may limit your credit options for their durations.
Bankruptcy: This should be a last resort as it negatively affects your credit for many years.
Lower interest rates allow you to more quickly pay off your debts.
Many of these options work hand in hand with or as part of a larger debt reduction program, but in general, these are your choices: Debt Settlement: Settlement is the process of negotiating with your creditors in hopes of reducing the total amount of debt you owe them.
While you can undertake this process on your own, many people choose to hire a professional debt settlement company or lawyer to negotiate on their behalf.
While a debt consolidation is less risky than other options, like bankruptcy, it still carries a considerable amount of risk.
When you take out a consolidation loan, you are required to put forth collateral.