Debt is something that nearly every American has. Whether it’s credit card debt, student loan debt, or medical bills — or a combination of all three — the majority of Americans are carrying some form of debt. In fact, a recent CBS News report estimated that American consumer debt — currently sitting pretty at $11.13 trillion — continues to increase by a whopping $75 million each hour.

According to Statistic Brain, the typical American household carries roughly $117,951 worth of debt, however, by seeking debt assistance, families can drastically reduce this figure and achieve their financial goals.

In their search for debt assistance, many households turn to debt relief centers in order to get help with debt and explore their options. Debt relief companies understand that their clients may have apprehension in regard to opening up about their finances and debt, and take strides to treat each client with the dignity and respect they deserve.

It’s critical not to pre-judge your finances. Many consumers feel that bankruptcy is their only option; however, this is rarely the case. There are a variety of flexible debt solutions available that can be customized to accommodate your financial needs and goals.

While completely different, both debt settlement and debt management are two of the most popular options in regard to debt relief services. While enrolled in a debt settlement program, a debt counselor will negotiate directly with your creditors in order to settle on a lower principal balance, interest rate, or both.

On the other hand, debt management involves consolidating all of your debt into a single monthly payment — determined by your income to expense ratio — which is then distributed to your creditors. This options is especially helpful for those who have multiple monthly payments, as it allows for easier budgeting.

Last but not least, working with a debt relief agency grants you access to expert financial planning advice, which will provide you with the tools and resources you need to manage your finances.