There are many tools available to debtors who want to take control of their credit card debt. One of the most popular tools is credit counseling. A credit counseling company will assist you with reviewing your current outstanding debts and determining which debt management strategies are best for you. This may involve negotiating with your current creditors for a reduced overall outstanding debt or for modified terms of repayment. In many cases, a high interest rate makes it difficult for a debtor to catch up on missed payments and to stay current with the remaining balances due on the debt. Renegotiating the interest rate can provide relief to the borrower while still providing a monthly repayment to the creditor.There may also be some opportunities to consolidate your debt, which may result in a lower interest rate and lower monthly payment. After you have renegotiated these terms with your creditor, you will most likely execute a debt management plan. The plan includes all of the modified terms and a new promise from you that you will repay the debt according to the plan’s requirements and based on the timeline provided in the plan. In some situations, it may be more advantageous for a debtor to file for bankruptcy. There are some forms of bankruptcy proceedings that allow a debtor to maintain title to his or her property and possessions while working with creditors to create a more manageable repayment plan.