Some offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.
Credit counseling sets you up with a debt management plan that consolidates your payments and may lower your interest rate or monthly payment, but it typically doesn't reduce how much debt you actually owe.
Debt settlement aims to negotiate down the amount you owe, but it carries more risk. Creditors may refuse to negotiate, you're often told to stop paying during negotiations (which can hurt your credit), and there's no guarantee of success.
Here's what to know about the cost, process, and potential long-term effects of each strategy so you can make the right choice for your debt payoff.
Credit counseling

#disclosure #advertisers