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Many people struggle with debt. And thanks to , rising costs of living, and other challenging financial conditions, that debt can be particularly hard to get out of these days.

"It's always tough when it comes to getting out of debt," says Wheeler Pulliam, a certified financial planner and financial consultant at Xponify Financial. "It's even tougher to try and figure out the right way to go about it."

If you're having trouble getting out from under debt, or even may be able to help, but they aren't for everyone. Here's what to know about these options and when one might be the right move for you.

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. First, there's debt consolidation, in which you take out a loan with a lower interest rate, and then use that to pay off all your debts — rolling them all into one payment. 

"These types of programs make the most sense for normal, everyday Americans who have accumulated a lot of different debt over time through and the like," Pulliam says. "They help simplify what the debt is and how to best pay it off, usually by just having to make one payment a month instead of trying to manage several different ones."

There are also , which put the actual payment of your debts in the hands of a or credit professional.

"It offers a structured repayment plan, often facilitated through credit counseling agencies," says Jen Leisey, product manager of consumer lending at Georgia's Own Credit Union. "The agencies contact creditors on the consumer's behalf to possibly reduce interest rates, waive any accumulated fees, or adjust terms. Once new repayment terms have been established with the individual creditors, the agency will collect a single, monthly payment from the consumer and distribute the funds to the creditors under the newly established terms."

is another option, usually for those dealing with particularly large debts. This is when you to pay off your debts with a lump-sum payment that's less than what you actually owe.

The big are that it comes with fees — usually a percentage of what the debt relief company saved you or a flat fee for services — and it can take a while. According to Leisey, a debt management plan can take up to five years to complete.

can also take a hit, particularly with debt settlement. 

"This option would have the greatest negative impact on the consumer's credit score," Leisey says. "Settlement companies may also charge 15% to 20% of the total debt for negotiation and servicing of the settlement."

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Bankruptcy is another option if you have lots of debt, and, like debt relief, there are multiple options. 

First, there's . This "is the most common for individuals who don't make a lot of money but have a large amount of debt," Pulliam says. "Typically, they don't have a realistic way of paying it off. It wipes out most of your debt, with certain exceptions, and allows you to start over, so to speak." 

With Chapter 7 bankruptcy, you get most of your debts wiped clean, but must in the process — things like non-essential vehicles, property or collectibles. With , you will only get to discharge some debts, though you won't have to sell any assets. You will also need to get on a court-approved repayment plan that lasts three to five years. 

"Chapter 13 is the type of bankruptcy you usually see businesses go through," Pulliam says. "It has to do more with reorganizing your debt, than total debt forgiveness, allowing for recovery over time."

There are two , though: The fees and the credit hit it comes with.

"What most people don't realize is that it can cost thousands of dollars to go bankrupt," says Howard Dvorkin, chairman of Debt.com. "It's a court proceeding, and you need to hire a lawyer and pay filing fees."

Bankruptcy can also stay on your credit report for seven to 10 years. That could impact your ability to get future loans, credit cards and other financial products during that time. 

Both bankruptcy and debt relief can help you tackle your debt problems, but you'll need to decide which is best for your unique situation. If you want a faster solution, , Wheeler says, with the entire process taking only about three to six months. The tradeoff is the credit impact. 

"It makes it harder to secure loans in the future, especially at any decent rate," Wheeler says. 

Given today's already-high interest rates, this is a notable drawback to consider, particularly if you think you may need to borrow money at any point in the near future.

Debt relief will usually have (or could even help your credit, in the case of a debt management plan, but it takes a long time and comes with fees. 

"You should consider your short- and long-term goals, the potential costs and impact on your credit score offered by each option, and the potential changes to your quality of life," Leisey says. "Are reduced collection calls and anxiety related to your finances in exchange for a reduction in available credit options and increased interest rates worth it to you? Do you have the discipline to complete a debt management plan or Chapter 13 repayment plan, or do you need the 'out' provided through debt settlement or Chapter 7?"

This sort of "realistic self-assessment" can help you come to the right solution, but if you're still not sure, talk to , debt relief professional or financial advisor. They'll help you determine what's best for your unique situation. As Dvorkin advises, "Don't go it alone."

Whether you pursue debt relief or file for bankruptcy, the path out of debt is rarely easy, but it is possible with the right strategy and support. By weighing the pros, cons and long-term implications of each option, and getting expert guidance when needed, you can make a confident decision that puts you on a stronger financial footing.