Learn and When to Seek Debt Relief

Pay Down Debt

The reality of living with debt can be discouraging, but there is a light at the end of the tunnel. Here are tried-and-true strategies for paying off debt using a DIY approach vs. getting help from a debt relief professional — and the pros and cons of each.

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Consolidate Debt

If you’re struggling with high interest rates on credit cards and loans while barely making a dent in your debt each month, it may be time to consider debt consolidation. Learn about the options for making it happen, the pros and cons of each and the best alternatives to this approach.

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Reduce Interest Rates and Eliminate Fees

If you’re looking for help managing your debt, meeting with a reputable credit counselor might be an option for you. Credit counselors can help you create a budget, find ways to reduce your debt or enroll you in a debt management plan (DMP).

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Trim Expenses

Learning how to budget is one of the best ways to reduce debt and reach your financial and savings goals. Discover the best budgeting tools and get tips for how to stick to your budget and when to revisit it.

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Boost Income

Whether your goal is to pay off debts or to save for a dream vacation or your kids’ education, nothing is as effective than simply making more money. Here’s how to negotiate a raise, start a side hustle and explore other ways to raise more cash.

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Improve Credit Scores

Explore how your credit scores are calculated, what steps you can take to improve your scores, how long it takes to rebuild credit after debt settlement or bankruptcy, and how to spot and fix credit report errors.

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Negotiate with Creditors

Explore strategies to negotiate your balances with creditors yourself, how debt settlement plans work, what red flags to watch out for, and what a responsible alternative to traditional debt settlement programs looks like.

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Consider Bankruptcy

Hundreds of thousands of people file for bankruptcy every year. If you have more debt than you can pay or negotiate, bankruptcy can offer a fresh financial start. Learn how it works, the difference between Chapter 7, 11 and 13, and the pros and cons of each.

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Debt in a Time of Crisis

The coronavirus has put us in uncharted territory. What’s going to happen to our jobs, families and household finances for an undetermined period of time is hard to know. Banks, lenders, state and federal entities and many others are all coming together to try to help those of us experiencing financial shocks.

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America has a massive debt problem. Last year, consumer debt approached $14 trillion:

That’s $144,000 for each U.S. household. And for each of those families, making the conscious decision to get out of debt — and then figuring out how to actually do it — isn’t easy. It requires research, a detailed plan and a supportive environment, whether that’s your spouse, family members, financial adviser, credit counselor or other debt expert.

The good news is that there isn’t one right way to get out of debt. The path (or multiple paths) you choose depends on your unique circumstances, such as the amount of debt you owe, the type of debt and your short-, mid- and long-term financial goals.