Debt Relief – Doing it Yourself vs. Hiring a Professional

There comes a point when you need to take ahold of your debt that you got yourself into, and now you need to rely on yourself in getting out, whether that is handling on your own, or hiring a professional.

For those seeking professional help, there are services that can be hired out for assistance with debt relief.

  • Debt Settlement

What is also known as debt negotiation or debt resolution, hiring a debt settlement company can be costly, but what they can assist with is negotiating a lump sum settlement with creditors.  These companies do have the experience to negotiate on your behalf, but not all companies are the same so it will take a little research to find the best that will help you.

  • Debt Consolidation

Taking out a loan to combine any outstanding loans into a manageable monthly payment may be an option, and much like debt settlement companies, they may be costly.

  • Debt Management

With an organized payment plan, this program may help to organize and effectively pay off debt while interest rates and late fees will be given a break while promising to pay back principle over time.

  • Credit Counseling

This financial guidance counselor will evaluate your budget and help you work on a debt relief plan if you feel lost in where to even begin.

  • Bankruptcy

With the goal of giving a fresh start once debts are handled within the courts, this should be a last effort as credit will be ruined, but if legal fees and a repayment system is what you need to get out of debt, this may be the answer.

If a professional is not ideal, there are many that you could be perfectly capable of handling on your own without a professional.

  • Monitor Spending

Taking a look at the complete month of spending, going line by line, is a great way to start and begin to eliminate unnecessary spending.

  • Budget

The only way to not continue going into debt would be coming out ahead each month with a budget.  As more funds become available you will be able to put more towards each monthly principle payment.

  • Renegotiate Credit Card Interest Rates

Trying to negotiate a repayment in lump sum or agreement on a lower interest rate, working directly with the creditor is just a phone call away.


  1. I would want to know that my debt is being taken care of in the best way possible. I want to know that my credit is not being hurt. I like the idea of having my budget checked out.

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