HOW IT WORKS Through budgeting and discipline, and the use of tools, you can start making the necessary payments to repay your debt. PROS No credit impact CONS Requires time and discipline Repay full amount plus interest Minimum payments can take decades to pay off debt

HOW IT WORKS A counselor will review your situation, help you budget, attempt to lower interest rates and create a management repayment plan. PROS Potentially, pay less interest and fees Help with budgeting CONS Accounts are closed Shows on credit report Balances not reduced

HOW IT WORKS Consolidate your debt into one loan to pay off all of your debt, ideally with a lower interest rate and affordable monthly payment. PROS Single monthly payment Generally better interest CONS Requires good credit Repay full amount plus interest

HOW IT WORKS A legal process to relieve you of your debt obligations. Chapter 7 and Chapter 13 most common bankruptcy types used by consumers. PROS Creditors cannot attempt to collect. Generally a quick process Debt is no longer owed. CONS Can be difficult to qualify No longer able to use accounts Long term damage to credit

HOW IT WORKS Make a single monthly payment for a predetermined term. A company then negotiates with your creditors to settle for less. The settlement and fees are paid with the funds from your monthly payments. PROS One low monthly payment Spend less time in debt Significant savings Reduces the amount owed and required to pay. CONS Increased collection activity Temporary negative effect on credit Settlement results vary

HOW IT WORKS After six or more months enrolled in the debt resolution program, clients can qualify for an unsecured loan to pay off all of the accounts at our settled rates. The Takeout Loan combines the benefits of a consolidation loan with our new reduced settlement offers. PROS Settle accounts at reduced rates Low single monthly payment No creditor calls Accounts being paid results in a speedy credit recovery CONS Temporary impact on credit until approval

HOW IT WORKS A retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes are not paid until the money is withdrawn from the account. PROS Quick Access to funds CONS 10% early withdrawal penalty for those younger than 59 ½ Puts retirement in danger Lost opportunity for tax-deferred growth

HOW IT WORKS A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses. PROS Instant access to funds Interest rates are often lower than revolving accounts CONS Your home is at risk. If you use the money from your HELOC and cannot afford to pay it back, you could be in danger of losing your home. Unpredictable payments. Variable interest rates mean that if interest rates increase, so will your payment. Fees & Penalties. HELOCS can come with annual fees, prepayment penalties, cancellations and inactivity fees. You…