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When you use a debt settlement company like National Debt Relief, you can expect a credit drop by as much as 100 points; however, the company states that if you're able to settle your debts, the credit impact is about half of what it would be if you were to declare bankruptcy.

If you do it right, debt consolidation might slightly decrease your score temporarily. The drop will come from a hard inquiry that appears on your credit reports every time you apply for credit. But, ing to Experian, the decrease is normally less than 5 points and your score should rebound within a few months.

The snowball method is a debt-repayment strategy that focuses on paying down the account with the lowest balance first. As you direct your larger payments toward that balance, you continue to make the minimum payments on your other accounts so you don't end up paying late fees, hurting your credit or even defaulting.

National Debt Relief has an A+ rating with the Better Business Bureau and is BBB-accredited. The company earns a 4.58-star rating based on client reviews.

Check out these tips for paying off debt: Stop Borrowing Money. ... Track Your Spending. ... Set up a Budget. ... Create a Plan to Pay Off Debt: Try a Debt Snowball Method. ... Pay More Than the Minimum Payment. ... Consider Balance Transfers & Debt Consolidation. ... Renegotiate Credit Card Debt. ... Create a Family Budget.

These methods won't crush your credit score: Consolidation loans from a bank, credit union, or online debt consolidation lender. Balance transfer(s) to a new low- or zero-rate credit card. Borrowing from a qualified retirement account, such as an IRA or 401(k).