Debt management plans can help you consolidate multiple debts into one payment that you’ll pay off monthly. In most cases, you’ll partner with a nonprofit credit counseling agency who will help you set up a three to five-year repayment plan, and they may help you negotiate a lower interest rate or eliminate other fees. This doesn’t affect your credit score nearly as much as bankruptcy, you’ll maintain your assets, and you’ll pay off the entire amount in the end.