If you need financial help, there may be a number of ways to resolve your debt. Some of the most popular programs include debt settlement, consumer-credit counseling, debt consolidation loans, and balance transfers. Declaring bankruptcy also falls under this category.
While each of these options aims for the same end goal, their strategies to reach the finish line differ. Consumer credit counseling, debt consolidation loans and bank transfers share one big negative—they likely can’t reduce your debts. The most common non-bankruptcy option for consumers capable of doing this is debt settlement, which includes having someone negotiate on your behalf to resolve the amount you owe.