| Debt Program | Debt Settlement | Bankruptcy | Debt Consolidation | Credit Counseling |
| Program | Negotiates with creditors to reduce debt an average of 50% | Debtor is legally discharged from paying debts or must abide by a court appointed payment plan | Debtor is provided a loan with reduced interest that is usually backed by some asset | Payments are disbursed to creditors through a payment plan |
| Savings | Debtor will not have to pay back a large portion of their debt | Erases all or a portion of debts incurred.
However, debtor could end up paying thousands more on loans or mortgages because of bad credit from the bankruptcy.
| A reduction of interest rates. However, takes much longer to pay back | Very Little. They ususally work for the credit card companies and want you to pay back the full amount |
| Cost | Small fees added into the monthly payment | Can be very expensive because you are paying for the court fees and lawyer | Debtor could end up paying thousands more in the end because of the extended period of repayment. | Fees disguised as donations |
| Length of Program | Can be debt free within 6- 36 months. | Dependent upon the availability of the court | Could be repaying debts for up to thirty years | Depends on the amount you are paying back |
| Risks | Your credit will have a negative mark on it | Credit is damaged for up to ten years Your bankruptcy is a public record that anyone can access | Your major assets, including your home could be at risk if your loan is secured | You could still be in debt because the interest rate reductions are not large enough to make a difference |