If you're in over your head with credit card or other forms of debt, it's a good idea to start addressing that issue. Debt relief comes in many forms, and it's not as difficult to rid yourself of debt as you may think. Depending on your situation, you may be able to get out of debt without hurting your credit score or going into bankruptcy.
There are a few ways to get out of debt including debt settlement, debt consolidation, debt management and bankruptcy. One of the best options for people who have not yet defaulted is to consider debt consolidation and management.
With debt consolidation, the idea is that you take all your debts and place them onto a single loan or credit card. From there, you make a single payment on that debt each month. You put as much money as you can into paying off the debt, but because of the consolidation, the monthly required payment is usually lower than if the debts were separate. That helps you get ahead on debt, since you have more money to pay extra on the minimum each month.
Debt management plans are plans designed to let you pay off credit cards in full but with reduced fees or interest. A credit counseling agency takes your single payment and distributes it. Most of the time, the accounts you had open will be closed in exchange for the service.
These are just a couple options open to you. With the right education in the matter, you can choose the best way for you to get out of debt.
Source: NerdWallet, "Debt Relief: Understand Your Options and Consequences," Bev O'Shea, accessed June 14, 2018