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It’s the best of times, and it can be the worst of times, when it comes to looking at consumer debt, says Bills.com co-founder and co-CEO Brad Stroh, who this week provided a host of options for consumers with any credit rating to cope with debt.

Following are suggestions for managing debt — whether with good or bad credit — follow.

If credit is bad:

Those who are behind on payments, have creditors calling or have given up hope of repaying debts probably realize that their credit rating is likely low and falling. Here are some options that might help:

1. Take a title loan on a vehicle.

2. Borrow from a 401(k) or other employer-sponsored retirement account.

3. Borrow from family or friends

4. Negotiate.

5. Get debt resolution help.

6. Consult a debt consolidation service.

7. File bankruptcy.

If credit is good:

Those who know they are in too deep, but haven’t started hearing from creditors and are able to make at least minimum payments on debt, have a few additional options:

1. Consolidate via credit cards.

2. Take out a personal or signature loan.

3. Borrow against a home.

For more information, visit bills.com

With the most common credit score formula getting an overhaul this month, the free online consumer portal Bills.com has compiled a list of the basic credit terms every American should know.

The three major credit reporting agencies - Equifax, Experian and TransUnion - report consumer credit scores based on the Fair Isaac Corporation’s FICO formula. This spring, Fair Isaac will unveil FICO 08, intended to help lenders better gauge actual risk by better differentiating good customers who have made one mistake from people with multiple delinquent accounts.

Must-know terms include:

* Average Daily Balance or Adjusted Balance
* Amortization
* Annual Percentage Rate (APR)
* Bankruptcy
* Credit score
* Liquidation
* Repossession
* Revolving account

For more information, visit bills.com