 TITLE: Debt Relief: An Essential Guide CONTENT: How to Choose the Right Debt Relief Option for You\n--------------------------------------------------\nThe right debt relief method for you depends on your financial situation and the level of risk you're willing to take to get rid of your debt.\nIn general, it's best to try to get on a budget and consolidate your debt first. You may even be able to do some negotiating with your creditors on your own to get on a modified repayment plan or qualify for a lower interest rate.\nIf your credit isn't in good enough shape to consolidate your debt, consider working with a credit counselor to get on a debt management plan. The drawbacks of this option—a monthly fee, closed credit card accounts and no new debt—aren't ideal, but they're reasonable.\nIf you're considering more dire measures, including debt settlement and bankruptcy, carefully consider all of the potential risks and whether you can manage with another approach. If you can't, consider the costs associated with each option and the potential impact on your credit scores before you move forward. END