If you are caught in an ever increasing burden of debt, you may think that there's no way out other than bankruptcy. But that may not be true. In some cases credit card companies may be willing to negotiate debt and lower your interest rates and/or schedule smaller payments. But there are many pitfalls to consider. First, few card companies will lower their rates or offer smaller payments unless you are already in default or you are considering bankruptcy, but it is always a possibility. In addition, there are credit counselors who can help you determine your best course of action. That may mean allowing them to represent you with your creditors to negotiate debt consolidation, lower interest rates, and smaller payments. Reputable services may charge a small fee, but there are many companies hoping to take advantage of those in financial trouble who will charge large fees while providing little of what they promise. If you are unsure about the services in your area, you can consult an attorney who will help you discover the best option for you to negotiate debt payments to a more manageable level.