If you're in debt, you probably think you don't have a lot of options other than bankruptcy. Bankruptcy doesn't have to have a negative connotation, and in fact, there are generally other ways to pay down and consolidate debt, too.
One way you can manage your debts is with a debt management plan. Here's a great example of how it can help: If you've been paying off your credit cards for months, but you don't see any difference in your payments, then you may be racking up more interest than your payments cover. What can you do to get back in control of your debt?
A debt management plan could be a help. With a debt management plan, you enroll in the plan and make a monthly payment to a credit counseling agency. The company may receive a fee for each month's transaction, so it's important to know the organizations that are trustworthy.
If you have multiple debts, this can be a helpful solution, as it allows you to have one single payment to focus on. The payment may also be able to be directly debited from your account, so you don't have to worry about missing a payment. You may even find that this payment plan costs you less over time, especially if the organization can negotiate lower interest rates. With a lower interest rate, it's possible to pay more of your debt off each month without as much being added back on in interest. That lets you get ahead faster and puts you on a path to success. Our website has more information on this and other debt reduction strategies.