Debt Management

Debt Management programs - also known as credit counseling programs- are usually offered by non-profit credit counseling agencies. They help consumers renegotiate better interest rates with their creditors. The issue is that these negotiations aren't free (since the debt management company does charge) for the service and they are not always the most impactful to a consumers bottom line.

Debt management programs compare to other options in that these program will usually be the least detrimental to credit, except a debt consolidation loan. These programs are usually offered in direct guidance with credit card companies so credit is typically left unbothered. However, there can be a notation on the credit report that shows when credit counseling is undergone, so it's not completely free from all blemishes.

In comparison to working with a debt relief company, they have less negative impacts to your credit score but you also won't save as much money as you would with a debt settlement option.