If you're struggling with debt, you're not alonethe average American has more than six figures' worth (including mortgages and student loans). When attempting to tackle that number using a debt avalanche or snowball method on your own isn't enough, you might start researching specific debt relief programs available that can provide assistance. That's great! However, each type of program has its own pros and cons that you should carefully consider, so you don't end up digging yourself even deeper into debt. Here's what you need to know about the pros and cons of four different debt relief options, so you can choose one that will be a good fit for you.Debt settlementDebt settlement programs can make a huge differencethey usually promise to negotiate with your creditors on your behalf to lower your interest rates, structure lower payments, and help you set up a payment plan that will get you out of debt over time, and while staying within your budget.However, the Consumer Financial Protection Bureau warns that dealing with companies that provide these services can be risky, and other options should be considered as well (more on those below).Pros of debt settlement programs:Can potentially reduce the total amount of debt owed through negotiation with creditorsMay allow you to pay off debt faster than other optionsCan stop collections calls and lawsuits from creditorsCons of debt settlement programs:Damages your credit score, sometimes significantlyCreditors are not obligated to agree to a settlementDebt settlement companies often charge high feesSettled debts may be reported to the IRS as taxable incomeDebt consolidation When you're dealing with multiple sources of outstanding debt, consolidating those debts into a single payment can seem like an attractive solution. Debt consolidation is the process of combining multiple credit card balances or other types of debt into a single new loan (or a single credit card) with a lower interest rate.Pros of debt consolidation:Simplifies repayment by combining multiple debts into a single, lower-interest loanCan lower your monthly paymentsStops collections calls from individual creditorsCons of debt consolidation:May require you to take out a new loan, which can come with origination feesThe new loan may have a longer repayment period, meaning you'll pay more in interest over timeDoes not immediately reduce the total amount of debt owedBankruptcyIn general, people file for bankruptcy only as a last resort. Many assume bankruptcy is just for people who take on too much credit card debt, and while this can be true, people also file bankruptcy after suffering a major, unexpected financial blowlike a lawsuit or a catastrophic illness.Pros of bankruptcy (what an amazing phrase):Provides a legal path to eliminate or restructure unmanageable debtCan stop foreclosure, garnishment, and other collections actionsMay allow you to keep certain assets, like your home or carCons of bankruptcy:Severely damages your credit for 7-10 yearsRemains on your credit report for an extended periodFiling for bankruptcy is a matter of public recordCertain debts, like student loans, may not be dischargeableDebt management programsNot to be confused with a debt settlement program, a debt management plan groups several credit card debts into one payment, cuts your interest rate, and creates a 3- to 5-year repayment plan. These plans are offered by credit counseling agencies. If youre thinking of going this route, look for an agency thats a nonprofit and accredited by the National Foundation for Credit Counseling.Pros of debt management programs:Can lower interest rates and monthly payments through negotiations with creditorsStops collections calls and lawsuits from creditorsAllows you to pay off debt in a structured, organized wayCons of debt management programs:Requires you to close credit card accounts, which can negatively impact your credit scoreSuccess depends on your ability to make the agreed-upon monthly paymentsDebt management companies typically charge setup and monthly feesHow to choose the right option to deal with your debtAs always, if you aren't sure which option to choose, it will also be helpful to consult with a financial advisor or credit counseling agency to help you determine the best course of action. Whichever program you choose, the key is to act quickly and responsibly to regain control of your finances. And before you assume youre on the hook for a debt, its usually worth it to take a breath and dig in to confirm you're actually required to pay it. Here's a primer on how you can make ensure you're responsible for all those debts in the first place.