SOURCE: Total Debt Relief

January 18, 2010 14:11 ET

Credit Card Debt Relief Options Explained by

With the Holiday Shopping Season Credit Card Bills Now Coming in, Consumer Advocate Details Debt Relief Options

CHICAGO, IL--(Marketwire - January 18, 2010) - Credit card debt continues to be a serious issue facing a growing number of Americans. One could argue that the U.S. economy itself is entirely built on the premise of consumer spending and consumer debt. Yet credit card debt can quickly spiral out of control, particularly during the Christmas shopping season.

And now it's time to pay the piper.

The damage of overspending during December is now being revealed to consumers all across the country as the January credit card bills start rolling in. Once the sticker shock of the credit card bill itself sets in it's time to start considering ways to manage and even reduce and eliminate this credit card. Consumer advocate breaks it down:

Debt Relief - These are the various programs and services which aim to reduce and/or eliminate credit card debt.

Debt Consolidation - This is a debt relief program which works by combining multiple existing loan payments into a single, smaller monthly loan payment. This is in most cases achieved through a debt consolidation loan or home equity loan.

Debt Settlement - This is a debt relief program which works through the use of a debt settlement firm negotiating on behalf of the consumer in debt with the consumer's creditors in order to obtain reductions in the amount of debt owed. In most cases, debt settlement can achieve debt reduction and debt elimination of at least 50 percent.

Consumer Credit Counseling - This is a debt relief program which works by credit counselors and financial planners pouring over a consumer's personal finances to determine and execute a plan for ways and means to cut spending, increase savings, and pay down credit card debt.

Bankruptcy - This is a so-called debt relief program which involves legal maneuvers and standing before a bankruptcy judge in bankruptcy court. But consumer beware: bankruptcy is a very serious legal route. Bankruptcy brings with it a host of negative consequences for the consumer who files bankruptcy, facts which most bankruptcy lawyers gloss over or hide under the rug.

Total Debt Relief offers consumers a free debt evaluation which consumers can take advantage of at the company's website:

Contact Information

  • Contact:

    John Chase
    877-224-2950 x 7016