Whether you have high medical bills or climbing credit card balances, mounting debt is overwhelming. When financial troubles start to be too much to handle, it’s time to look into debt relief. Fortunately, there are several options available to help you get back on track with your spending habits, including the following.

Common Debt Relief Options

1. Debt Management

It’s not the debt itself but the interest rates that cause the amount of money owed to climb higher. When you feel like you can’t get ahead because interest keeps accumulating, try working with a counseling agency to lower interest rates and set a manageable payment schedule.

2. Debt Settlement

In some instances, debt relief companies may be able to negotiate with creditors on your behalf. While it's not always possible, there are some instances in which creditors will settle debts for less than the actual amount owed. Although there's no guarantee it'll work, this may be an avenue worth pursuing. However, keep in mind that debt settlement will show on your credit report for seven years.

3. Credit Counseling

If you haven't yet reached the point where you're struggling to pay your bills, establishing a budget could be a viable solution. Credit counselors can help you plan out your spending strategically, so you're covering the essentials while also making payments toward your debts.

4. Debt Consolidation

Attempting to pay several different lenders for debts owed is particularly overwhelming. Streamline the process by consolidating your debts into a single monthly payment. This option is best for people with good credit scores, as it can lead to a lower interest rate.

5. Bankruptcy

While it may be a last resort, bankruptcy can alleviate your financial woes by creating a fresh start. To decide if it's right for you, figure out if the options above would require you to make payments for more than five years. If so, bankruptcy may be the quicker solution. You'll either have your debt absolved after your assets are exhausted, or you'll situate a plan so your assets are dedicated to paying it off.

If you’re exploring debt relief options, turn to the office of Brian R. Cahn & Associates, LLC in Cartersville. Serving Northwest Georgia, this team helps individuals with poor credit or other financial challenges restore their economic futures. They have more than 25 years of experience and are well-versed in many solutions, such as debt consolidation and bankruptcy. Learn more about their debt relief options on their website or by calling (770) 382-8900 today.