Credit card debt, student loans, mortgages, personal loans, and auto loans can be crippling to pay off. Life changes fast, you may get injured, lose your job, or a plethora of other things that can affect your ability to pay off debt. You can’t forget about interest rates. Interest rates are often very high, especially for credit cards which can cause your debt to grow quickly too. All of this has caused the financial downfall for countless people across the country.

Thankfully, there are options for getting out of debt. One of these options is called debt restructuring. Debt restructuring is a process where you negotiate with creditors to change the terms of your loan agreements to make it easier to repay. Ways you can alter the terms of your loan terms include reducing the interest rate, extending repayment terms, and altering minimum payments to bring your account back to current status.