If you aren't disciplined enough to create a workable budget and stick to it, can't work out a repayment plan with your creditors, or can't keep track of mounting bills, you can consider contacting a trustworthy credit repair service.

Your creditors may be willing to accept reduced payments if you enter into a debt repayment plan with a reputable organization. In these plans, you deposit money each month with the credit repair services.

Your deposits are used to pay your creditors according to a payment schedule developed by the counselor. As part of the repayment plan, you may have to agree not to apply for any additional credit while you are in this program.

The best credit repair companies can help people who are behind on their debts get back on their feet. Then fly-by-night outfits can disappear with your money and your credit rating. Those in-between may or may not leave you better off than you were before.

Many of these companies assure these distressed people they can painlessly make their debts go away. These outfits are finding plenty of eager customers. Before you decide you want this type of service you should investigate the company carefully for the following:

Big upfront fees: Consumer Credit Services typically charge a $10 set-up fee. If you're paying more, you could be the one who's getting set up.

No accreditation: Legitimate credit services are affiliated with the Association of Independent Consumer Credit Counseling Agencies.

Delayed or missing payments: Some companies pocket your first months' payments as a fee, rather than paying your creditors. Find out how much and when each payment will be going to each creditor.

Unrealistic promises: Some companies falsely promise they will settle your debts for little money and without hurting your credit rating.

Debt repayment plans do not erase your negative credit history. Accurate information about your accounts can stay on your credit report for up to seven years.

Creditors may report that you are in financial counseling, that payments have been late or missed altogether, or that there are write-offs or other concessions.

If there is anyway you can talk with your creditors and have the patience to work out your own financial plan that would be the best arrangement. However, it this is not possible, working with a responsible, legitimate credit service would be more beneficial than taking out bankruptcy.