Which option is focused on restructuring payment plans to make them more manageable?

The focus on restructuring payment plans to make them more manageable aligns perfectly with credit counseling and debt management plans. This process typically involves working with a credit counselor who helps individuals review their financial situation, create a budget, and negotiate with creditors to establish a more favorable repayment plan. The goal is to ease the burden of payments by extending the payment terms, lowering interest rates, or reducing monthly payments.

In contrast, debt settlement often involves negotiating a lump-sum payment for less than the total owed, which can lead to a different set of consequences, including potential tax implications on forgiven debt. Bankruptcy represents a legal process that may eliminate or discharge debts but can have lasting effects on a person’s credit report, making it a more drastic option. Consolidation loans involve taking out a new loan to pay off existing debts, but this doesn't inherently restructure payment plans; it merely combines debts into one payment, which might not always be more manageable. Therefore, credit counseling and debt management plans distinctly prioritize restructuring payment arrangements to enhance the debtor's financial stability and ease repayment.