What is Debt Relief and How Does It Work?

DEBT & CREDIT HELP
Last updated Dec. 5, 2024 | By FinanceBuzz Editors

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

 Debt relief is aimed at helping you get out of debt by arranging for some of your debt to be settled, or for your creditors to adjust the terms of your debt — usually your interest rate — so you can make more affordable payments.

Ask this company to help pay off your credit card debt
If you owe over $10,000 in debt tap a state below, answer a few simple questions. It only takes 30 seconds to see if you qualify!
— Select a state below —

There are different types of debt relief, some of which you handle on your own, and others that involve third parties that can help you navigate the process. Some types of debt relief include:

  • Credit counseling
  • Debt consolidation
  • Debt management plan
  • Debt settlement
  • Bankruptcy

For the most part, the main idea is to structure your debt in a way that allows you to get rid of it faster and at less expense than if you followed through with the terms to the very end.


4.7
info

National Debt Relief Benefits

  • No upfront fees1
  • One-on-one evaluation with a debt counseling expert
  • For people with $30,000 in unsecured debts and up
Visit National Debt Relief