Many business owners who are in financial trouble these days are looking towards bankruptcy court as their means of relief. Many of them do not know about the other options that are available to them to get out of debt. There are actually many programs that can keep you out of bankruptcy no matter your financial situation, whether you are an individual looking for relief or a business looking for a last minute saving grace.

- Different Forms of Credit Relief

Credit relief can come in many forms depending on your individual situation. The trick is to pick the best program for your unique financial needs at the moment. However, most problems can be solved by using some sort of credit counseling online service.

The reason that credit counseling service online works for a great number of the population in debt is that there are many varied programs depending on the particulars of your unique financial situation. You must make sure to assess your long-term and short-term financial history, your credit score, your assets, your ability to pay back a monthly dividend on the payments, and any lump sum that you can pay immediately. All of these things make a difference as to which credit counseling service will be most beneficial to you.

For those people who are able to catch their credit problems before they become serious, a debt management program may be the most efficient solution. This is the least invasive of any sort of credit counseling service, and as such, also cost the least amount of money. You also do not have to give up as much financial information to unknown third parties as with the other types of credit counseling solutions.

- Debt Management Solutions

Debt management solutions consist of reorganizing your own personal budget in order to pay back loans with more efficiency. You do not have to get in touch with the creditors normally, as your situation is not dire enough to warrant any actual changes in the loan package.

- Credit Counseling

Credit counseling services in this capacity means reorganization, and possibly switching a few accounts over to credit accounts with lower interest rates. The credit counseling service can also help you weigh the short-term account switching fees with the long-term interest rate and help you to see if it is still an effective transaction overall.

If you are past the point of debt management, another solution that may work for you is debt consolidation. This is slightly more invasive than debt management, as debt consolidation usually requires a professional debt relief company to intercede on your behalf. Credit counseling in this capacity will mean that you are reorganizing your own budget with help, and you also rely on the company to renegotiate your loan package with the creditors as well.

- Debt Consolidation

Debt consolidation usually entails a lower interest rate if you use the proper credit counseling service. If you do not get a lower interest rate, you more than likely will get a longer time period in which to pay the loan back. Either way, you will be able to negotiate a much lower monthly payment with debt consolidation.

However, longer-term periods usually mean that you'll end up paying a much larger overall payment, as interest stretched out over a longer period of time means that you must pay more over the entire period.

You should also know the difference between unsecured and secured debt consolidation loans. If you have a moderately good credit score, you may be able to get a debt consolidation loan without backing it with one of your large assets. However, if you are a little bit farther along down the road of owing money, you may only have a choice of a secured debt consolidation loan. However, using credit counseling services will allow you to more efficiently organize and negotiate your second mortgage or car title loan.

Perhaps the most important service that an online credit counseling service can give you is the fact that it is online and much easier to apply. In case you do not have a reputable credit counseling service in your area, you can very easily go online and find a company that will meet your needs. Also, the credit applications and other paperwork that you will have to fill out go much easier online. Using the electronic application process will allow you to much more efficiently complete the paperwork that you will need to have in order to get your credit counseling work done.

Also, taking credit counseling services online will allow you to more efficiently receive funds and also get funds to your creditors. No longer will you have to worry about losing a payment in the mail or getting your receipt to show that you have actually kept up with your payments. Also, you will be much more connected with the three major credit agencies, which can help to increase your credit score.

Arian A. lives in New York and writes about many financial topics including small business debt consolidation. She wants to help as many people as possible manage their finances better.