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Any kind of debt management program you try will affect your credit score for a time. You should investigate each of the different types, and maybe even contact a commercial debt management company to discuss your options. Many companies give free, no obligation consultations to potential clients so you can decide how to proceed.

The best advice I can give you is to do something BEFORE you run out of money. That was the mistake that I made. I kept thinking business would get better and 2 years later it wasn't and I was out of money and suddenly considering bankruptcy.

Looking logically at the future would have helped me by making me see things wouldn't get that much better and using the cash I had to settle the debts before I got into a horrible position. Luckily I was able to get money from relatives to settle my debts, but it would have been a better to do it a year ago with my own funds.

Also, I think it's better to settle the debts yourself. Some people may be better off using a company but I think you have more control over what is going on if you do it yourself. Keep checking out this forum. Without it I never would have been able to settle my debts and get some money to my creditors as opposed to wiping them out in bk. Better for me - better for them.

And I Quote...."Also, I think it's better to settle the debts yourself."

My two cents worth.
Do it yourself.

Especially when you have some cash left.