What is Debt Relief and How Does It Work?

Last updated Oct. 3, 2023 | By FinanceBuzz Editors

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 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.

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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.

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