Reduce What You Owe with Personalized Debt Relief Services
Compare your options
Four ways to get relief. Only one reduces what you owe.
If you're making your payments every month but your balances never seem to go down, you are not alone. High interest can keep the balance almost flat, even if you never miss a due date. There are four main debt relief options, and they differ in one important way. Only debt settlement reduces the total amount you owe. The other three change how you repay it.
Debt Counseling
Debt counselors help you understand your current obligations, create a budget, and offer money management guidance.
- One-on-one budgeting guidance
- Doesn't reduce your total balance
- Lower payments aren't guaranteed
- Creditors are not required to accept changes
Debt Management
Debt management creates a structured payment plan to help you repay balances over time with the creditor's agreement.
- One monthly payment, and creditors may lower interest rates
- Doesn't reduce your total balance
- May include an upfront fee
- Enrolled credit accounts are typically closed
Debt Consolidation
Debt Consolidation combines all of your debt into a single loan with a lower interest rate and a single monthly payment.
- One monthly payment to a new lender
- Doesn't reduce your total balance
- Requires a higher credit score
- Secured loans can put collateral at risk
Debt Settlement
Debt Settlement involves negotiating with creditors to reduce the total amount you owe, potentially saving you money.
- One monthly program payment you can afford
- No upfront fees, good credit not required
- Debt-free in as little as 12–24 months
- Can lower your credit score during the program
Not sure which fits? Ask one question: can you realistically pay off your full balance? If yes, the first three may be enough. If the balance itself is the problem, settlement is the only option that lowers it.
Why clients trust us
20 years of helping people get out of debt.
CreditAssociates has spent more than 20 years helping people become debt-free. We hold more than 1,000 creditor relationships, and resolve more than $575 million in debt annually.
20 years and 1,000+
creditor relationships
Two decades of negotiating experience and direct relationships with more than 1,000 creditors.
No upfront
fees
We only collect our fee after you approve a settlement and make your first payment toward it. The fee is included in your monthly program deposit, which goes into a dedicated account in your name.
A real team, plus
24/7 account access
Every client works with a dedicated client success team and gets our DebtApp® to track progress, review settlements, upload documents, and manage the account anytime.
CreditAssociates is accredited by the Association for Consumer Debt Relief (ACDR).
Our Debt Consultants are certified through the International Association of Professional Debt Arbitrators (IAPDA).
Debt Counseling
Debt Counseling Services
When you're struggling to keep up with your bills and unsecured debt, debt counseling offers one-on-one guidance to help you gain control of your finances.
Debt counseling (sometimes called credit counseling) connects you with a trained advisor who reviews your income, expenses, and balances, helps you build a realistic budget, and guides you through your repayment options.
Some counselors have relationships with creditors that may help lower your monthly payments.
Debt Management
Debt Management Options
Debt management services provide a structured way to repay unsecured debt over a set period of time. Debt management does not reduce the amount you owe, but it can make repayment more predictable.
A debt management plan (DMP) is set up with a professional debt counselor who combines multiple debt accounts into a single monthly payment. In some cases, creditors may agree to lower interest rates through pre-negotiated agreements.
A debt management plan does not reduce the total amount of debt owed. Enrollment may include an upfront fee, and payments must be made consistently to avoid late fees and additional interest.
Debt management can help you avoid becoming delinquent and reduce creditor calls or letters.
A debt management plan may fit if
You can afford your minimum monthly payments and your balances are manageable.
Another option may suit you better if
You are struggling to make minimum payments.
If you would like to talk through whether a debt management plan fits your situation, call to speak with a debt specialist.
Debt Consolidation
Debt Consolidation Assistance
Debt consolidation is a way to simplify multiple unsecured debts into a single repayment solution. Instead of making several monthly payments to different creditors, a debt consolidation loan lets you pay off your existing balances with one new loan and then make a single monthly payment. Approval typically requires a higher credit score, and the new loan terms can affect your interest and repayment timeline.
With debt consolidation, you combine payments to multiple creditors into a single monthly payment by using a consolidation loan or a personal loan. You use the new loan to pay off your current creditor balances, then make one monthly payment to the new lender. This can simplify repayment and make managing monthly bills easier.
Making one payment may also save you money over time if the interest rate on your consolidation loan is lower than the rates you were previously paying. Lower interest can reduce the overall cost of your debt as long as the rate remains favorable.
However, if the loan has a variable APR rather than a fixed rate, your interest cost could increase significantly over the life of the loan, especially with a large overall balance.
Some loans require collateral
Some consolidation loans require collateral, such as a home or vehicle. Converting unsecured debt like credit cards or medical bills into secured debt means you risk losing the collateral if you fail to repay the loan on time and in full.
When consolidation may not fit
If you are already struggling to make your current minimum payments, or worry that a consolidation loan could increase your monthly costs or cost more over the life of the loan, consolidation is not likely to be the best choice. In those cases, debt counseling, debt management, or debt settlement programs may be more appropriate.
Debt Settlement
Debt Settlement Programs
When you're facing high-interest credit card or other unsecured debts that are difficult to manage, debt settlement may be able to help you resolve those debts by negotiating a reduced payoff amount with your creditors.
In a debt settlement program, you make regular monthly deposits into a designated account. Once sufficient funds are available, your CreditAssociates debt consultant works with your creditors to settle accounts for less than the full balance, one account at a time, until each eligible debt is resolved.
Because you are paying less than you owe, the timeline to becoming debt-free is often shorter than with other debt relief programs.
Not sure if a settlement is right for you?
Speak With a Debt SpecialistEligibility
Who Qualifies For Debt Settlement
Unsecured debt relief applies to credit cards, medical bills, and personal loans. Our program starts at $7,500 in unsecured debt.
If you are looking for unsecured debt help and your balances have grown beyond what you can repay in full, you may qualify. A debt specialist can review your accounts with you.
Debt settlement is not a solution for secured debts such as mortgages, auto loans, or home equity loans. Those debts are secured by collateral, and creditors are generally unwilling to settle them for less than the amount owed.
Find the Right Debt Relief Option for You
Start with one question: can you realistically pay off your full balance?
Repayment-based options may be enough
Debt counseling, a debt management plan, or a consolidation loan can restructure how you repay what you owe.
Debt settlement is the only option that reduces what you owe
Settlement negotiates your enrolled balances down rather than reorganizing payments on the full amount.
Talk it through with a specialist:
Call 1-800-983-6693SEE HOW MUCH YOU CAN SAVE
Compare Your Debt Relief Options
*The amounts and percentages above are examples. They may not pertain to your unique situation or circumstances. This calculator uses a 45% settlement estimate with a 25% program fee, with program duration based on debt size (36–48 months). Minimum payments assume 25% APR. Settlement payoff uses a lookup table based on debt balance. Individual results and fees vary. Late fees can accrue during the program.
