Debt consolidations can also come in other forms that don't require collateral backed loans. Debt management and debt settlement are also options. While more drastic, they are alternatives that lie between traditional debt consolidation and bankruptcy. Both necessitate working with a resolution company, who works with creditors to reduce principle balances for a quicker pay-off. Rather than the tens of years required by a consolidation loan, these programs are usually completed within twelve to thirty-six months. They are certainly worth looking at before any decision is made about debt consolidations.