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Damage to your credit is severe, and the process can take years.

Bankruptcy is typically a faster, cheaper option than a debt settlement plan.

Debt management plans, offered through consumer credit counseling services for a monthly fee, usually bring reduced interest rates on credit card balances.

Conversely, making minimum payments on credit cards could mean months or years before they’re paid off, all while accruing more interest than the initial principal.

Ideally, that new debt has a lower interest rate than your existing debt, making payments more manageable or the payoff period shorter.

Options to consolidate your credit card and other debts include a balance transfer credit card, an unsecured personal loan, a home equity loan or line of credit and a 401(k) loan.

Personal loans allow you to pay off your creditors yourself, or you can use a lender that sends money straight to your creditors.

More Debt consolidation can help your credit if it helps you make on-time payments or shrinks balances on revolving accounts, especially if credit card balances were near their limits.

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