Best Debt Relief Options 2025

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Key takeaways

Paying off credit card debt improves your credit score and reduces interest payments.
Debt repayment strategies range from DIY methods to consolidation and debt settlement.
The best strategy depends on your debt levels, financial situation, and personal preferences.

The cost of living and inflation are on the rise. According to data from the U.S. Labor Department, inflation increased at a rate of 2.4% from May 2024 to May 2025. The result is that more and more people are relying on their credit cards to get by.

As people spend on credit, debt grows. The Federal Reserve reported that American credit card debt totaled $1.18 trillion as of the first quarter of 2025. That is a whole mountain of debt. With interest rates at historic highs of nearly 22%, it’s harder than ever to repay debt.

We’ve put together a few strategies to help you efficiently reduce your credit card bills and become debt-free! Let’s go over debt relief programs’ pros and cons to help you find the right one for you.

Top picks of debt relief strategies

Debt relief refers to any strategy that helps reduce what you owe or adjust your bills to make them more manageable. It can be negotiating with creditors, restructuring debt, or even having a portion of it forgiven. The goal is to make your debts easier to repay.

For anyone unsure how to pay off debt with no money, combining different methods can help turn things around. The first step is to try to deal with credit card bills yourself before entering a debt relief program. DIY methods that can effectively reduce what you owe.

Pay more than the minimum

Paying only the minimum on your credit card each month may seem like an easy way to keep up with payments and not hurt your credit score. Unfortunately, they’re a bad idea.

Credit card companies make money from interest. The minimum payment is usually only 2% of your balance. If you only pay the minimum, your issuer will charge interest on the remaining balance. Over time, your balance will grow, and you’ll pay more and more in interest. If you pay more than the minimum – ideally, the entire balance – you’ll reduce your principal balance faster. The lower your balance, the less interest you pay, and you’ll get out of debt sooner.

For example, say you owe $5,000 on a credit card with a 20% APR. If you only make the minimum payments, it could take you over a decade to pay off the balance. If you double your monthly payment or add an extra $50 to $100 when possible, you’ll knock out the balance faster. You can save hundreds or even thousands in interest.

A good rule of thumb is to aim for at least double the minimum payment if your budget allows. Even small increases can make a big impact over time.

Snowball or avalanche methods

The snowball and avalanche methods help you pay off debts efficiently. With the snowball method, you list all your balances from smallest to largest. Then, make all the minimum payments except for the smallest. Pay as much as you can toward the smallest debt. Once that balance is paid off, you take the amount you were paying on it and apply it to the next smallest debt, and so on. This method creates a snowball effect, where you gain momentum and confidence with each paid-off balance.

The avalanche method works similarly, except you list balances from the highest-interest rate to the lowest. Start by paying off the debt with the highest-interest rate first while making minimum payments on all the rest. By paying off the highest interest debt first, you will save money in the long run.

The snowball method gives you motivation with quick wins that can keep you encouraged throughout the process, but you may end up paying more over time. The avalanche method helps you save money on interest, but it can take a while to pay off your first debt.

These strategies work best for those who can keep themselves disciplined and motivated.

Negotiate with creditors

If you’re falling behind on payments or facing financial hardship, it’s worth reaching out to your creditors to see if you can negotiate more favorable terms. Credit card companies don’t want you to default on your debt, so they may be willing to work with you to create a more manageable repayment plan.

You may be able to negotiate a lower interest rate, a reduced monthly payment, temporary forbearance (a pause in payments), or waived fees or penalties.

To start the process, contact your credit card issuer and explain your situation. Be honest about your financial struggles and ask if they offer any hardship programs. While there’s no guarantee that they will agree to your requests, it’s worth trying. Creditors may be more willing to negotiate if they believe it’s the best way to ensure they get repaid.

Knowing how to negotiate credit card debt can help you avoid bankruptcy and regain control of your finances. This strategy is best suited for individuals facing financial difficulties and who have a good relationship with their creditors.

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Debt consolidation loans

A debt consolidation loan allows you to roll multiple credit card balances into one loan with a fixed interest rate. The idea is to take out a personal loan with a lower annual percentage rate (APR) than your current credit cards. Then, use the funds to pay off all your accounts. Instead of juggling multiple payments, you now have one monthly payment.

Having one bill to pay each month can simplify your finances and make it easier to pay on time – no more late fees. Most personal loans (especially for good credit) have a lower APR than credit cards, meaning you’ll save on interest payments.

It’s important to watch out for fees associated with the loan and to make sure that it will cost you less overall. Also, once the debt is consolidated, don’t continue to run up new charges on your credit card.

Does debt consolidation hurt your credit? Applying for a loan will initially cause your credit score to dip. This is due to the hard inquiry and is only temporary. As soon as you start paying down your debt on time, your score will increase. If you’ve only had credit cards in the past, a personal loan can increase your credit mix, which is a plus for your score.

This strategy is ideal for individuals seeking to simplify their payments and obtain a lower interest rate.

Balance transfer credit cards

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A balance transfer credit card allows you to transfer your existing credit card balances to a new card, often with a low or 0% introductory interest rate for a specified period. During the promotional period, typically ranging from 12 to 18 months, you can make payments without accruing interest.

A 0% APR balance transfer credit card can be a great tool, but it’s not perfect. First of all, you will need to have good to excellent credit to qualify. Secondly, they come with fees. Make sure that the fees won’t eat too much into your savings. Most importantly, if you don’t pay off the entire balance before the promotional period ends, you could be hit with a high interest rate. Do the math and make sure you can afford to pay off the entire transferred balance during the promotional period. If you cannot, this is not a good method for you.

Similar to a debt consolidation loan, taking out a new credit card will initially lower your credit score. Make on-time payments, keep your utilization below 30% of your limit, and you’re score will rebound in no time. It may even increase as you successfully pay down your debt.

This strategy is best suited for individuals with good to excellent credit who can commit to paying off the entire balance within the promotional period.

Debt management plans

Debt management plans (DMP) are arranged through nonprofit credit counseling agencies. In a DMP, the credit counselor works with you and your creditors to create a plan for paying off your balances, often with lower interest rates or waived fees. You’ll make one monthly payment to the credit counseling agency, and they will distribute it to your creditors.

Here’s how it works:

You’ll meet with a credit counselor who will review your financial situation.
The counselor will negotiate with your creditors to reduce interest rates and fees on your behalf.
The credit counselor will set up a more affordable repayment schedule.
You’ll then make a single monthly payment to the agency, which will disburse the funds to your creditors.

Debt management plans are particularly helpful if you’re overwhelmed by multiple credit card bills and want to avoid more drastic options like debt settlement or bankruptcy. For a DMP to work, you have to afford the monthly payments. Credit counseling agencies also charge fees for their services, but these fees are low and can potentially be waived.

You must also close your credit card accounts while participating in a DMP. Closing accounts – especially if they’re old – can hurt your credit score. Your credit score will improve as you make timely payments and pay off your balances.

This strategy is best for those who can afford the monthly payments, don’t want to apply for a consolidation loan, and need a little guidance and support.

Debt settlement

Debt settlement is a more aggressive approach to debt relief. It involves negotiating with your creditors to accept a lump sum payment that is less than you owe. The creditors then forgive the remaining debt. You can negotiate a settlement on your own or through a debt settlement company, like National Debt Relief.

For debt settlement to work, you often must be very behind on payments, possibly have delinquent account, and be able to pay a portion of what you owe. If you work with a debt settlement company, they often ask you to stop paying your creditors and instead make monthly payments into a savings account. Once you’ve saved enough for a lump sum payment, an agent will negotiate with your creditors to accept a reduced amount. Creditors are willing to negotiate since they want to receive something instead of nothing at all.

Once an agreement is reached, you pay the settled amount in a lump sum, and the creditor will forgive the remaining balance. A mark will be added to your credit report, noting that the account was ‘settled.’ This note will remain on your report for seven years and will hurt your credit score.

Debt settlement is not free if you work with a company. Most companies charge 15% to 25% of the balance for their services. They will only take payment after an agreement is reached. Additionally, you may owe taxes on the settled debt, as the IRS considers it taxable income.

Is debt settlement worth it? It can be worth the risks for individuals who are already behind on payments and have exhausted other options. It is generally considered the last step before bankruptcy.

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Consider bankruptcy

Bankruptcy is a last resort for managing overwhelming debt. It can give you a fresh financial start, but it has serious long-term consequences. There are two common types of personal bankruptcy: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy involves liquidating your assets to pay off your debts. If you qualify, most or all of your unsecured debts, including credit card debt, can be discharged. You will be required to sell some of your assets (essential items like clothing are excluded). Chapter 7 bankruptcy will stay on your credit report for up to 10 years, severely dragging down your score. This will make it difficult to obtain new credit.

Chapter 13 bankruptcy allows you to keep your assets but requires you to follow a court-approved repayment plan, typically lasting three to five years. After completing the plan, any remaining credit card debt may be discharged. Chapter 13 stays on your credit report for up to seven years and similarly hurts your credit score.

While bankruptcy can offer a fresh start by wiping out most unsecured debts, it also has long-lasting effects on your credit and financial reputation. It’s essential to consult with a bankruptcy attorney to determine whether this is the best option and to thoroughly understand the legal implications of filing for bankruptcy.

There’s no fixed dollar amount that determines how much debt you need to file bankruptcy, but the decision depends on your ability to repay. Most bankruptcy attorneys recommend it for individuals who have tried everything else and have over $10,000 in unsecured debts.

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Does debt relief hurt your credit?

Whether debt relief hurts your credit score and how much depends on the option you choose. DIY methods, such as the snowball or avalanche methods, or negotiating lower interest rates with your creditors, will not harm your score. These methods rely on you paying on time, which will build credit.

Debt consolidation through either a balance transfer card or a new loan has a mixed effect. A new credit application will temporarily ding your score by a few points. Make consistent on-time payments, and your score will improve.

Likewise, debt management plans will initially negatively affect your credit score, as you will need to close some accounts. As you pay off your debts, you will build a history of on-time payments and a low credit utilization rate. When you complete the plan, your score should be higher.

Debt settlement and bankruptcy both severely hurt your credit. With settlement, you stop making payments. You will default on your accounts, which will tank your score. The ‘settled’ note on your credit report will further drop your score. You will have to wait until your accounts are settled or your debts are discharged in bankruptcy to rebuild credit.

Frequently asked questions

1. How much does debt relief cost?

The cost of debt relief varies depending on which option you choose. Debt settlement companies charge 15% to 25% of either your enrolled or settled debt. DMPs usually involve a one-time setup fee of $25 to $75 and monthly fees averaging around $25 to $35. It typically takes three to five years to pay off debts with a DMP. Debt consolidation loans may come with an origination fee of up to 12%, and balance transfer cards typically have a transfer fee of 3% to 5% of your transferred balance. The exact costs are specific to your situation.

2. Is debt relief real?

Debt relief is real. There are numerous ways to reduce your debt and make it manageable. When it comes to debt settlement, it is true that legitimate settlement companies exist and that some creditors will forgive debts. The problem is that not all creditors will work with debt settlement companies. Ask your creditor if this option is available before enrolling in a settlement program.

3. How long does debt relief stay on your credit report?

Debt relief from settlement will stay on your credit report for up to seven years from the date of your first delinquency, not the date of settlement. Bankruptcy stays on your credit report for seven to ten years from the date of filing.

4. Is debt relief better than bankruptcy?

DIY debt relief, debt management plans, and debt consolidation are all preferable to bankruptcy. Debt settlement is not necessarily better because it does not offer the same legal protections as bankruptcy. When you enroll in a settlement program, creditors can still sue you, and they are under no obligation to negotiate with you. That means you may face debt lawsuits and may not be able to settle. While bankruptcy is a harsh last resort, your creditors have to abide by a bankruptcy ruling and cannot sue you once you file.

Bottom line

There are plenty of ways to pay off your debts. To determine the best strategy for you, consider your current financial situation and what you can afford. Not every debt payoff strategy works for everyone. If your cash flow is low, make the minimum payments and throw whatever you can towards one of your balances. If you can afford to pay more and are tired of the snowball or avalanche methods, try consolidation or negotiating with your creditor. Talking to a credit counselor can be a good way to figure out your options and decide the right path for you.

There are plenty of debt relief tools available to help you chip away at your balances and get out of debt. Take action today, stay consistent, and you’ll be on your way to financial freedom.

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16. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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