This will depend on the creditors you owe. Interest rate reductions down to 6 to 11 percent are common with most credit card debt, but many personal loans, including payday loans, are not eligible. Credit counseling has a massive benefit if you are currently paying very high interest with your credit cards. If your credit card interest rates are already low or you have low-interest rate installment loans, the benefit of credit counseling may not be significant. Debt settlement may be a better non-bankruptcy option if you struggle to make payments on accounts that currently have reasonable interest rates. Bankruptcy chapters 7 and 13 are other options.