It may be worth exploring if…
- You owe about $10,000 or more in unsecured debt (credit cards, personal loans, medical bills).
- You're experiencing a real hardship — lost income, medical costs, divorce, or balances that keep growing.
- You can only make minimum payments, or you've already fallen behind.
- You have some steady income to make a monthly program deposit.
It's probably not the right fit if…
- Your debt is mostly a mortgage, auto loan, federal student loans, or taxes.
- You can comfortably pay your bills and just want a lower rate — look at consolidation or credit counseling.
- You need to protect your credit score in the near term (for example, applying for a mortgage).
- You have no income to set aside each month — speak with a bankruptcy attorney.
Alternatives worth comparing
Read our comparison guide, or contact a nonprofit credit counselor through the NFCC.