What are some options for debt relief?

The options for debt relief include transferring card balances to a new card, signing up for a debt management plan and applying for a consolidation loan, according to Bankrate. A debtor can also enter into a debt settlement contract with the creditor to relieve the debt.

Someone with good credit can get balance transfer card offers that have no interest rates, explains Bankrate. A debtor can use a debt management plan to transfer payments every month to a creditor via a credit counselor. The debtor should evaluate any consolidation loans carefully to understand the interest rates. Just like with transfer card balances, a person with good credit is likely to get a loan with a low interest rate.