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Which Debt Management Strategy Suits You?

Managing debt can be overwhelming and stressful for many individuals. Debt can pile up quickly, and keeping up with payments can be difficult. It can really begin to feel like there’s no end in sight. Luckily, there are several debt management strategies you can try. However, they’re not all created equal. Choosing the right strategy for your financial situation can make a difference in your journey to becoming debt-free.

If you're struggling to pick a debt management strategy, contact ACCC for further guidance.

If you’re struggling to pick a debt management strategy, contact ACCC for further guidance.

Debt Consolidation

Debt consolidation is one of the most popular debt management strategies available. This approach involves combining multiple debts into a single loan, making it easier to keep track of payments. Debt consolidation typically results in a lower interest rate, making it easier to pay off your debts in full. However, it is important to note that only individuals with a decent credit rating and score are likely to secure lower interest rates.

Before considering debt consolidation, it is essential to weigh the pros and cons. While it can simplify your debt, remember that it’s still a loan. You must be prepared to pay back in full. Defaulting on payments may result in creditors penalizing you for unpaid loans, damaging your credit score.

Debt Management

Another debt management strategy is entering a reputable debt management program. Unlike debt consolidation, this method does not require taking out another loan. Instead, the program involves combining all debts into one monthly payment, which is typically lower than the total amount owed. Nonprofit credit counseling agencies typically administer debt management programs. These agencies negotiate with credit card companies to obtain lower interest rates and waive other fees. Additionally, some credit counseling agencies provide financial education and budgeting help to give individuals a well-rounded picture of their financial situation, providing a solid foundation for rebuilding finances.

Debt Settlement

Debt settlement is another debt management strategy that individuals can consider when it comes to debt management. However, this method is not advisable due to its potential consequences. Debt settlement involves paying only a fraction of the total amount owed. For instance, an individual with $10,000 in credit card debt may only pay $6,000. On the surface, this may seem like a good way to save money. However, debt settlement programs often come with high fees that may cancel out any savings. Additionally, any debt settled upon may be considered income by the IRS, making it subject to taxes.

Another significant downside of debt settlement is that it can severely damage credit scores. Debt settlement agencies often delay paying creditors until the individual is delinquent on payments. This can result in a plummeting credit score, making it even more challenging to repay debts. Debt settlement also appears on credit reports and stays there for seven years. This can signal to potential lenders that an individual may not pay back debts.

Debt Snowball and Debt Avalanche

Both methods involve creating a plan to prioritize and pay off debts, but they differ in their approach and focus.

The debt snowball method involves paying off debts from smallest to largest, regardless of interest rates. This approach builds momentum and motivation by starting with small debts and quickly paying them off.

First, you would list all of your debts from smallest to largest, regardless of interest rates. Then, you would start with the smallest balance. Focus on paying off one balance at a time, in order of smallest to largest, while still making minimum payments on other debts.

The debt snowball method provides a sense of accomplishment and motivation by quickly paying off small debts. This can help individuals stay motivated and committed to their debt repayment plan. Additionally, by paying off small debts first, individuals can free up cash flow that can be applied to larger debts over time.

However, the debt snowball method may not be the most cost-effective approach because it does not take interest rates into account, By paying off debts with smaller balances first, individuals may end up paying more in interest over time if those debts have higher interest rates than larger debts.

The debt avalanche method involves paying off debts with the highest interest rates first, regardless of balances. This approach minimizes the amount of interest paid over time, which can save you money in the long run.

First, you would first list all of your debts from highest to lowest interest rates, regardless of balances. Then, you would make minimum payments on all debts except for the debt with the highest interest rate. Any extra money you have each month would be applied to the debt with the highest interest rate until it is paid off in full. Once the debt with the highest interest rate is paid off, you would move on to the next debt with the highest interest rate and repeat the process until all debts are paid off.

The debt avalanche method minimizes the amount of interest paid over time. This can save you money and help you pay off debt faster. Additionally, by paying off debts with higher interest rates first, you can reduce the overall cost of your debt and free up cash flow that can be applied to other debts.

However, the debt avalanche method may not provide the same sense of accomplishment and motivation as the debt snowball method, since you may not see progress on your smallest debts as quickly. Additionally, if debts with high interest rates also have high balances, it may take longer to pay them off, which can be discouraging.

Both the debt snowball and debt avalanche methods can be effective for paying off debt, depending on your goals and priorities. The debt snowball method is focused on building momentum and motivation by quickly paying off small debts, while the debt avalanche method is focused on minimizing the amount of interest paid over time. It’s also important to consider factors such as interest rates, balances, and monthly cash flow when deciding which method to use.


Bankruptcy should be your last resort for debt management. It involves a legal process where individuals or businesses declare that they are unable to repay their debts. Bankruptcy can have severe consequences, including loss of assets, difficulty in obtaining credit, and a significant negative impact on credit scores. Additionally, bankruptcy can be a lengthy and complicated process, involving legal fees and court proceedings.

However, in some cases, bankruptcy may be the best option for individuals with a significant amount of debt that they cannot repay. It’s essential to consult with a bankruptcy attorney and assess your options thoroughly before deciding on this strategy.

Narrowing Down Your Choices

Choosing the right debt management strategy depends on an individual’s overall financial picture. It is crucial to assess your financial situation to determine which option makes the most sense for you. Can you afford to take out a loan, and what is your credit rating? If you decide to work with a debt management company, research them first. Reading reviews on their website and social media can also help in making informed decisions. Credit counseling agencies can provide valuable advice on debt management strategies tailored to your needs.

If you are struggling to pay off debt, schedule a free credit counseling session with us today.


Rae Yen is a marketing coordinator at ACCC. She wants to help others optimize their financial resources and plan accordingly.

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