If you've already tried a debt management plan, but are still finding that you can't afford to make your monthly payments, you may be considering debt negotiation. Before you pursue this path, though, there are some drawbacks that you should be aware of. Carmen Wong Ulrich explains the pros and cons.

If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com

Watch Carmen Wong Ulrich's 'On The Money' Saturdays at 8PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.