Credit counselors can help consumers organize their debt and pay it off – this is called debt reorganization. Often, a credit counselor can negotiate reductions in interest rates or settlements with creditors. Credit counselors, in general, establish a debt repayment program, allowing for reduced payments over a period of time. Credit Counseling offers an alternative to bankruptcy. Credit Counseling is not a loan, however. Many credit counseling agencies will allow you to make only one payment a month, and the credit counseling company will apportion the payment among your creditors.