Key takeaways
- While debt relief solutions may be helpful when organizing and paying down debt, they can easily result in credit or financial damage.
- The most common forms of debt relief are debt consolidation, debt settlement and bankruptcy.
- To decide which debt relief option is best, evaluate how itll impact your credit score and long-term financial health.
Debt relief is the process of reorganizing your debts to make repayment more streamlined, simple or affordable. Three primary types of debt relief are bankruptcy, debt settlement and debt consolidation.
While consolidation can be more of a debt management solution, borrowers often turn toward it for relief. Debt settlement should be considered a last-resort management option, wit…
Read the full article at: https://www.bankrate.com/personal-finance/debt/different-debt-relief-options/