(BPT) - Many people have a hard time keeping up with their bills. More than three-fourths of Americans have some type of debt.

Fortunately, there are several options to get out of debt, including working directly with your credit card company or a non-profit credit counselor.

As the Consumer Financial Protection Bureau highlights, the best option is to contact your credit card or financial institution directly. Banks can sometimes offer a 'hardship program,' also called a lender workout, which is an agreement between you and your creditor to address the situation, for example by lowering your monthly payment or waiving fees. It is in the card company's best interest to help you with a manageable repayment plan. Working with your lender may offer a solution that does not result in losing your card or damaging credit. Since this doesn't involve a third-party, these workouts are usually faster and safer than other options.

'When late payments pile up, many people avoid answering the phone when their credit card company calls. But as the Consumer Financial Protection Bureau notes in its own research, it's the card company that can often get you back on track. Card companies want to protect their greatest asset - their customers,' said Lindsey Johnson, President and CEO of the Consumer Bankers Association.

If you're struggling with debt across many different creditors, another option is to talk to a credit counselor. An accredited, non-profit credit counselor offers advice on how to manage multiple debts and provides free education. Importantly, these agencies can also negotiate with lenders on your behalf and create a debt management plan that allows for one monthly payment. This option protects your credit and can be less expensive than debt settlement companies because they are not for profit.

Debt settlement companies are a third option; but they can come with some serious risk. Debt settlement companies market and advertise aggressively and, people may think because they offer one point of contact, they're a good option. The fact is, however, working with a debt settlement company can make your financial situation worse.

Here is what you need to know about debt settlement companies: Debt settlement companies may not resolve all your debt and can hurt your credit score for up to seven years. In fact, the industry itself concedes that 25% of their clients do not settle any accounts. In addition, debt settlement companies charge big fees - sometimes up to 25% of the balance on a card, which can add up over time.

Yet, according to the Consumer Financial Protection Bureau, often the 'deal' that debt settlement companies are selling is similar to what you can get by talking directly to your credit card company or financial institution - without your having to pay excessive fees. Working with a debt settlement company may also have you paying more in taxes. And sometimes creditors, who are wary of debt settlement companies, may refuse to work with them or file a lawsuit against you.

If you are confused about the options, you can turn to a trusted source such as the Consumer Financial Protection Bureau for reliable information. There is helpful information available on their website and you can find out more about your options at the Consumer Bankers Association's own website: www.aboutdebtrelief.com.