The term debt relief describes a range of ways you can get out of debt with the help of a third party. Some debt relief companies offer debt settlement services, whereas others focus on offering debt management plans (DMPs), credit counseling or other alternatives. There are also debt consolidation products you can use to work your way out of debt, although these options require you to figure out a debt repayment plan without any outside help.
The type of debt relief thats right for you depends on how dire your situation is with debt, your ability to make payments and how much work youre able to put in. Before deciding, consider all the debt relief options available, how they work and their pros and cons.
Debt consolidation
Read the full article at: https://www.bankrate.com/personal-finance/debt/pros-cons-of-debt-relief/