to bankruptcy. An experienced credit counselor helps you repay debts through a suitable budget plan. You may attend the counseling session without paying any free. Disadvantages: You'll be asked to pay a fee when you're unable to repay debts after the free counseling session. Some credit counselors are not qualified enough to work in your best interest. Debt Management: An easy and affordable payment plan In debt management , you involve a professional debt management company to resolve your debt issues. In a debt management program, a debt counselor prepares a budget for you after assessing your income, expenses and debt amounts. He also chalks out a plan so that you can pay off your debts quickly. Often, a debt counselor negotiates with your creditors to lower the interest rates. Have a look at the pros & cons of this program below: Advantages: You can get your finances back on track without further borrowing. You get to know interesting budgeting tips from the counselors. You get respite from the multiple high interest bills. You just need to make a single low monthly payment. Disadvantages: Your creditors might not accept the negotiated payments. The period to repay your debts might increase - means paying more in the Disclaimer : The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney. The debt settlement program typically last between 6 months to 4 years time. At