Explore debt relief options

• ✔ Learn about available options
• ✔ Free, no-obligation consultation
• ✔ Understand potential costs and credit impact

Why use SmartSave Hub

• Independent, free-to-use information
• No obligation — you decide whether to proceed
• Secure connection (HTTPS)
• Clear disclosure of how we are paid

Understanding your debt relief options

This is general information, not financial advice. Rates, fees and eligibility vary by provider and by your situation. Debt relief can mean several different things, and each has different costs and effects on your credit:

• Budgeting and paying down debt yourself, using the avalanche (highest rate first) or snowball (smallest balance first) method.
• Asking creditors directly for a hardship plan, lower rate or temporary payment reduction.
• A debt management plan (DMP) through a nonprofit credit counseling agency, which may lower interest rates and combine payments.
• A debt consolidation loan, which replaces several debts with one loan — useful only if the rate and fees are lower overall.
• Debt settlement, where a company negotiates to pay less than the full balance. This often involves stopping payments, which can damage credit, add late fees, and lead to collection activity. Forgiven debt may be taxable.
• Bankruptcy, a legal process with long-term credit consequences; speak with a qualified attorney.

Rules that protect you

Under the FTC's Telemarketing Sales Rule, debt settlement companies selling by phone generally cannot charge fees before they settle or resolve at least one of your debts. Be wary of any company that:

• Asks for large fees up front.
• Promises to make debts disappear or guarantees a specific result.
• Tells you to stop communicating with creditors without explaining the consequences.
• Doesn't explain the risks to your credit and possible tax impact.

Questions to ask any provider

• What are all fees, and when exactly are they charged?
• How long does the program usually take, and what happens if I drop out?
• Which of my debts are eligible? (Secured debts and most student loans often aren't.)
• How will this affect my credit report?
• Are you licensed or registered in my state where required?
• Can I see the agreement in writing before I commit?

Free and low-cost help

Nonprofit credit counseling agencies can review your budget and options, often for free or a low fee. Look for agencies accredited by recognized national organizations. Your state attorney general's office and the Consumer Financial Protection Bureau publish guidance on avoiding debt relief scams.

Is debt relief right for you?

It depends on your income, the types and amounts of debt, and your goals. Not all applicants qualify for every program. Compare at least two options and read the full terms before enrolling.

How SmartSave Hub works

SmartSave Hub is an independent information and referral website. We write general guides to help you understand your options, and we link to or connect you with third-party companies that provide the actual products or services. We do not perform services, make loans, sell insurance or set prices.

We may be paid by partners when you click a link, submit a request or place a call through this site. That compensation can affect which partners appear, but it does not change the general guidance on this page. We do not list every company or offer available, so we encourage you to compare options independently, read each provider's terms and ask questions before you commit to anything.

Questions about this site? See our About page or Contact us.

Frequently asked questions