Educate Yourself

Before you choose the best debt management program for your needs, you should compare the costs and savings of the most popular debt relief programs. The below cart provides a comparison of widely used methods; debt settlement, bankruptcy, debt consolidation, and credit counseling. The chart highlights the advantages and disadvantages of each program including the potential savings, the costs, the length of the programs, and the risks involved. After educating yourself on the benefits and risks of these debt programs, let us help you find the best counselor for your specific situation with our NO Obligation FREE Confidential Consultation.

Comparison Chart: Debt Management Programs

Debt Program	Debt Settlement	Bankruptcy	Debt Consolidation	Credit Counseling
Program	Negotiates with creditors to reduce debt an average of 50%	Debtor is legally discharged from paying debts or must abide by a court appointed payment plan	Debtor is provided a loan with reduced interest that is usually backed by some asset	Payments are disbursed to creditors through a payment plan
Savings	Debtor will not have to pay back a large portion of their debt	Erases all or a portion of debts incurred. However, debtor could end up paying thousands more on loans or mortgages because of bad credit from the bankruptcy.	A reduction of interest rates. However, takes much longer to pay back	Very Little. They ususally work for the credit card companies and want you to pay back the full amount
Cost	Small fees added into the monthly payment	Can be very expensive because you are paying for the court fees and lawyer	Debtor could end up paying thousands more in the end because of the extended period of repayment.	Fees disguised as donations
Length of Program	Can be debt free within 6- 36 months.	Dependent upon the availability of the court	Could be repaying debts for up to thirty years	Depends on the amount you are paying back
Risks	Your credit will have a negative mark on it	Credit is damaged for up to ten years Your bankruptcy is a public record that anyone can access	Your major assets, including your home could be at risk if your loan is secured	You could still be in debt because the interest rate reductions are not large enough to make a difference