Out-of-control debt has a way of taking over your life. High interest rates can cause your balances to climb higher each month, and the higher balances hurt your credit score, making it more difficult to obtain financing for important household expenses or personal needs. As the debt grows, so does your stress.
Fortunately, there are options for regaining control of your finances. Debt management and debt settlement programs can help you work with creditors to pay off your debts or pay a lump sum that is less than what you owe but still closes the account.
Neither option involves a credit check, although both will impact your credit score long term. The two key differences are whether you’re repaying the debt in full and whether the creditor is involved when establishing a repayment plan.