Comparing Debt Relief Options

When traditional monthly payments aren’t working to pay off credit card debt, these solutions can provide relief. The best one to choose depends on your financial situation. This infographic helps you understand how the most common debt relief options compare based on five key factors.

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Consolidated Credit's infographic describing six options for debt relief

Comparing Options for Credit Card Debt Relief Balance transfer credit cards • Recommended debt amount: Less than $5,000 • Credit score required: Good-excellent (760+) • Cost: Up to 5% of each balance transferred • Time to payoff: 12-18 months • Credit impact: Positive Debt consolidation loan • Recommended debt amount: $5,000-$25,000 • Credit score required: Good-excellent (760+) • Cost: Up to 1% of loan amount (origination fee) • Time to payoff: 24-60 months • Credit impact: Positive Debt management program • Recommended debt amount: Any • Credit score required: No minimum requirement • Cost: Monthly fee, averaging $49 • Time to payoff: 36-60 months • Credit impact: Positive or neutral Debt settlement program • Required debt amount: $10,000-$100,000 • Credit score required: No minimum requirement • Cost: Up to 5% of the original amount owed • Time to payoff: 24-48 months • Credit impact: Negative (7-year penalties) Chapter 7 bankruptcy • Required debt amount: No minimum or maximum requirement • Credit score required: No minimum requirement • Cost: o $245 case filing fee o $75 misc. administrative fee o $50 (average) pre-bankruptcy counseling • Time to payoff: 90-120 days • Credit impact: Negative (10-year penalty) Chapter 13 bankruptcy • Debt range: Up to $419,275 in unsecured debt • Credit score required: No minimum requirement • Cost: o $236 case filing fee o $75 misc. administrative fee o $50 (average) pre-bankruptcy counseling • Time to payoff: 3-5 years • Credit impact: Negative (7-year penalty)

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<a href="https://www.consolidatedcredit.org/infographics/comparing-debt-relief-options/" target="_blank"><img src="https://www.consolidatedcredit.org/wp-content/uploads/2021/02/CC-Options-for-Debt-Relief-infographic-1.jpg" alt="Consolidated Credit's infographic describing six options for debt relief" class="img-fluid" /></a>