Personal Loans

Credit Card Debt – It is a serious issue affecting the lives of millions of U.S. consumers in all walks of life in big cities and small towns from coast to coast. An economy in recession as well as practices by the credit card companies themselves has caused financial hardship for many. Ranking high among these hardships is credit card debt.

Debt Relief – It is sorely needed today. The most recent government and census data reveals that the average U.S. consumer owes over $4,000 in credit card debt, with the average U.S. household owing over $7,800 in credit card debt. Couple these facts with the millions in jobs that have been lost, together with homes that have lost much of their values and a continued foreclosure crisis – and a recipe for disaster is unfolding.

However there is hope.  The U.S. financial sector offers many ways and means for consumers to deal with, manage, reduce & eliminate credit card debt; in short – debt relief. These programs can be outlined as follows:

Consumer Credit Counseling

This program can offer much real benefit to consumers who are not too far in debt but are experiencing the beginnings of a real credit card debt problem. Consumer credit counselors are highly skilled and trained to expertly examine all aspects of a consumer’s financial affairs and situation. Based on this examination they can then offer a money management and debt payment plan that works in the real world. The implementation of a household budget is key to this strategy.

Debt Consolidation & Debt Consolidation Loans

This program works by combining multiple existing debt payments into one single, more manageable monthly payment. Debt consolidation works to achieve this through negotiating with creditors for lower interest rates and more favorable payment terms. A new loan may or may not be taken out to pay off the multiple existing loans. Typically, this new loan comes in the form of a home equity loan.

Debt Settlement

This program has been garnering much attention in the media as of late. It works by having experienced debt settlement professionals negotiate on behalf of the consumer with their creditors in order to gain concessions in terms of the total amount owed by the consumer. How great can these concessions be? In a typical debt settlement plan the reduction in credit card debt is on average 50% and can be as much as 75%. This program achieves debt relief for the consumer without the need for a bankruptcy filing and all the harmful repercussions that come with filing for bankruptcy.

Total Debt Relief offers consumers a free debt evaluation which they can take advantage of at: www.totaldebtrelief.net

Total Debt Relief has been a leader in the debt relief field for over 5 years. Their debt management professionals educate consumers on all the options available to them to get out of debt. Total Debt Relief helps consumers make the most informed decision possible so that they may get their financial lives back on track.

John Chase works in the finance field, and writes about topics such as debt settlement & debt consolidation, home loan modification, credit repair and unemployment issues.

Article Source:http://www.articlesbase.com/personal-finance-articles/credit-card-debt-exit-strategies-1283045.html