Debt Strategies

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Overview of debt options

Many people find themselves struggling with huge debt and no way to manage it. A sudden change in income, emergency, or other unforeseen events can knock anyone off their financial feet. Here, we compare 6 different strategies for managing debt. For more in-depth information about how to control your debt, download our free debt management guide.





A counselor reviews your financial situation, sets up lower interest rates with your creditors if possible, and creates a debt management plan for you to follow.


  • One monthly payment
  • Lower rates and fees
  • No collection calls
  • Lenders may view you as credit risk
  • Principal debt not reduced
  • Credit card accounts closed


You take out one loan to pay off all your debt. This loan may carry a lower interest rate than your debts. You make fixed monthly payments on the loan until it is paid off.

  • One predictable monthly payment
  • Flexible terms
  • No credit impact
  • Need good credit
  • No reduction on principal
  • Results vary


Requires you to work with a mortgage lender. You refinance your mortgage, taking out additional cash beyond the mortgage balance. You use that money to pay your debts.

  • High-interest debts paid off
  • Reduced monthly payments
  • Tax-deductible interest payments
  • Need to own a home
  • Increased foreclosure risk
  • Adds to mortgage debt


Working with a company, you make monthly deposits into an account. The company negotiates with your creditors to accept less than the debt owed. That amount is then paid to creditors, from the account you deposited into until the debt is resolved.

  • Significant savings over making minimum payments
  • One low monthly program deposit
  • Faster than making minimum payments
  • Debt collection calls
  • Legal risk, impact to credit
  • Results vary

A legal process. All your assets are evaluated and used to pay off your debts. Chapter 7 and Chapter 13 are most common options used by individuals. Once bankruptcy is complete, you are relieved of the debt obligations you had before filing bankruptcy.

  • Debt obligation could be cleared (Chapter 7)
  • Creditors are barred from attempting to collect on debts
  • Process takes only 3-6 months
  • Significant, long-term damage to credit
  • Loss of all credit cards
  • Chapter 7 difficult to qualify for


Using various online and offline tools, you determine the exact payments required for each debt and track your progress as you go.

  • Optimized payments
  • No required costs
  • No credit impact
  • Requires strict budgeting
  • Interest rates don’t change
  • No reduction on principal



Credence Credit Debt Solution debtstrategies

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  • Walk you through all the debt relief options available
  • Review your financial situation
  • Talk with you to understand your goals and hardships
  • Evaluate whether or not you may qualify for our program


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