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Debt settlement programs are typically offered by for-profit companies to people with significant credit card debt. The companies negotiate with your creditors to let you pay a ?settlement,? or lump sum of money that's less than what you owe. They agree that this amount will settle your debt.

While there isn't a specific government debt relief program solely for credit card debts, various options exist to manage and reduce your debt. These options, such as credit counseling and debt management programs, are available for different types of debts, including credit card debts.

Bankruptcy is your best option for getting rid of debt without paying. Before committing to filing bankruptcy, understand your options and the consequences that come with having a bankruptcy on your credit report.

Payment history accounts for 35% of your FICO credit score, so enrolling in a plan with National Debt Relief could negatively impact your credit rating. The extent of that impact, however, depends on whether you're still current on your bills or not.

Is there really a government debt relief program? There is no federal government program that provides debt relief to consumers. There are federal, state, and local programs to help people experiencing financial difficulties, however.

There is no credit score requirement to be considered for National Debt Relief. You must, however, have at least $7,500 in outstanding, unsecured debt. Before NDR can begin negotiating your debt, you must make a deposit into an escrow account. This means you will need some cash upfront to complete the program.