We receive advertising fees from the brands we review that affect the ranking and scoring of such brands.
Advertiser Disclosure

Debt Relief July 2025

Debt can be a burden, but can also be effectively managed with the right strategy. Debt relief programs are designed to help people who have fallen into debt and can't get out on their own. They come in different shapes and sizes, with some being more appropriate for certain types of debts than others.

Best

Best Debt Consolidation

Guide

Debt Consolidation Guide

Reviews

Debt Relief Company Reviews

Recommended:

Best Debt Consolidation Loans Best Debt Consolidation Companies

Types of debt relief solutions

Debt relief is the process of eliminating or reducing one's debt. It can be achieved in a number of ways:

Debt management programs (debt consolidation)

Debt management programs are designed to help people manage their debts and avoid bankruptcy.

The simplest form of debt management is a debt consolidation loan. One simply takes a loan to pay for all current loans that form the debt. These are normally unsecured personal loans with moderate to high-interest rates, depending on credit history.

Debt consolidation programs also include additional steps which are alternatives to a loan. These programs, also known as debt management plans, are newly arranged payment schedules and terms. Debt consolidation companies try to negotiate more favorable terms that make it easier for one to repay. In some cases, these programs will still lead to a debt consolidation loan.

Debt settlement

Debt settlement programs are also known as debt negotiation or debt reduction programs. They are a way to get out of debt that entails negotiating with creditors to reduce the amount of the debt owed.

Debt settlement programs are often used by people who are at risk of filing bankruptcy, since they can be more affordable than the former and offer a better chance of getting rid of debts.

The program will usually require a person to make monthly payments for up to five years. The balance that is left over at the end of this time period will be forgiven.

Bankruptcy

Bankruptcy is a legal procedure that allows an individual or a company to liquidate assets and get relief from their debts. Choosing to go down this path should be taken as a last resort since it will stay on your credit report and show up on background checks until it expires in 10 years. It will also make it difficult to get new loans or other forms of credit, such as credit cards and mortgages, during this time period.

How to get started

The first step in any debt relief program is to identify what type of relief is needed. This can be done with research or by consulting with an expert. Once the type of debt has been identified, it will be easier to find the right program for it.