When you find yourself in an insurmountable financial situation where your debt repayment program becomes beyond control, you might be considering debt settlement programs. Debt relief can be a way to deal with debt for those who do not want to file for bankruptcy or aren’t able to. For some, debt relief can be a good option, but it’s definitely important to consider the pros and cons. If you want to learn more about whether you can get debt relief, you can check out this company. You’ll be able to read more about the types of debt relief that they cover. Before making your decision, you can learn more about the pros and cons of the three biggest types of debt relief. Debt consolidation The first one is debt consolidation. This type of debt relief doesn’t reduce your debt amount; it just moves it from one creditor to another. You can do this by getting a new loan or an 0 annual percentage rate on a credit card. The pros of this are that you can gather your debt payment into just one instead of multiple. You can also find lower fixed rates on a debt consolidation loan. If you choose a balance transfer credit card, you will be able to get the 0 annual percentage rate for up to almost two years. The cons of this type of debt relief is that you will still owe the exact same amount as when you started. You often also need to have fairly good credit to qualify. Also, if you choose the 0 annual percentage rate, you will usually have to pay quite high variable interest when the initial period is over. All in all, you’re just moving money around, but this can be the best solution for some. Debt settlement Another option to consider is debt settlement. Choosing this option often lets you settle large debts for less than the amount you owe. You can choose debt settlement companies to help you with this. They will help you to settle your debt for you. The pros of this option are that you can get assistance to resolve your debts, you will pay off your debts quicker than you otherwise would have been able to, and, of course, you’ll be able to settle your debts for less than you owe. But there are also some cons to choosing this option. Often, you will get asked by the debt relief company to stop paying some of your bills so that you can save up more. This will damage your credit score, which can have consequences for you. Obviously, the services of debt relief companies aren’t free, so you will have to pay fees to them. These can be up to 15-25 percent. Also, remember that you can’t be sure that your creditors are willing to settle with you. Debt forgiveness The third option is debt forgiveness, which is basically when your creditor decides to relieve you of your debt. This is not a very common option, though. You will often need a low income and various other particular circumstances in order to qualify for this. But if you qualify for this, you will be forgiven for some or all of your debt, ultimately saving you both money and interest.