Deciding to restructure can be difficult for people with good credit. Choosing to deal with your debt and stop living paycheque to paycheque means your credit rating will take a hit in the short term. However, with the proper plan, this can be minimized as it allows you to meet your long-term financial goals and reduce the constant stress from your debt. There are advantages to taking this course of action. For example, people with good credit may qualify for a consolidation loan, provided they can demonstrate their ability to repay.
Before making a decision, you must look at your budget and determine how much you can afford to repay each month without having to rely on further credit.