Compare your debt relief options
Each option suits a different situation. This overview is general, so check the terms that apply to you.
| Option | Best considered when | Cost | Timeline | Main risk |
|---|---|---|---|---|
| Credit counseling | You can repay in full with a lower rate | Counseling often free, plans usually have fees | About 3 to 5 years | Cards are usually closed |
| Consolidation loan | You qualify for a lower rate | Interest and possible origination fee | Set by the loan | Total cost can rise with a longer term |
| Personal loan | You need a fixed amount and can afford the payment | Interest and possible fees | Set by the loan | High rates for lower credit |
| Debt settlement | You can't keep up and other options won't work | Program fees, plus possible taxes | Often 36 months or more of deposits | Credit damage and lawsuits |
| Bankruptcy | Debt is far beyond what you can repay | Court and attorney fees | Chapter 13 plans run 3 to 5 years | Long-lasting credit impact |
| Calling creditors yourself | You need short-term breathing room | Free | Varies | Creditors can say no |