I’ve often stated that debt settlement is meant as a bankruptcy alternative and many people are not in a situation that warrants the drawbacks it can involve. A financial debt management program is a solution that people should consider if they need modest, not severe, help.

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People visit this site to learn more about their debt relief options and they want guidance on which solution is best for them. Unfortunately, there is no “one size fits all” answer to that question but generally here is when you should consider credit card debt management as a solution for you.

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The questions about credit scores is the most common one I get on this site. Debt management plan will not hurt your credit score as negatively as a debt settlement plan. Typically, when you enter a debt management plan it will be noted on your score that you are getting assistance in managing your credit card bills but so long as you stick with the program and pay your new consolidated payment on time every month, the mark on your credit report is not something to be too concerned about.

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Debt management services and credit counseling are basically two terms to describe the same service and that service is helping a consumer consolidate their unsecured (mostly credit card) debt into one payment typically with reduced interest rates and fees. Technically, an industry insider will say that credit counseling companies provide a broader range of services that just debt management, however, at their core, their primary service is offering debt management programs. Most TV and radio ads talk about credit counseling, I prefer to use the term debt management because I think it defines the service they provide more accurately.

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Debt management is the process of consolidating your unsecured debts like credit cards into one monthly payment allowing you to reduce fees and interest rates. The debt management credit consolidation process is typically handled by a debt management company (also often called debt consolidation or credit counseling company) who has established relationships with all the most common large credit card companies. They are able to combine your debt payment with that of its other clients for a better interest rate than you will likely have.

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