SOURCE: Total Debt Relief

June 17, 2010 11:00 ET

Solutions Available to Americans Who Can't Afford to Pay Off Credit Card Debt

Consumer Advocate Total Debt Relief Offers Advice on How Americans Can Find Help With Professional Credit Card Debt Relief Programs and Pay Off Credit Card Debt for Good

MIAMI, FL--(Marketwire - June 17, 2010) -  It's no surprise to Total Debt Relief that many consumers are finding it almost impossible to keep up with their credit card debt. They've seen credit card debt amounts as high as $80,000 on a daily basis. There are many actions a consumer can take against credit card debt by themselves. As a rule of thumb any amount under $5,000 worth of credit card debt can probably be handled with disciplined spending. By staying away form only paying the minimum balance and avoiding small purchases on credit cards a consumer can slowly pull themselves out of credit card debt.

On the other hand if a consumer finds themselves in more than $10,000 worth of credit card debt it might be time to consider a professional debt relief service to help pay off credit card debt. There are a wide variety of legal debt relief programs available, but they work in various ways.

Debt Consolidation

Debt consolidation is the act of combining many loans and debts into one loan. This is done in order to achieve an overall lower interest rate. Consumers who have a high amount of credit card debt, but are still able to pay the minimum usually choose this as an option because the lower interest rates will make minimum payments smaller. Consumers should beware that many consolidation companies require leverage against the loan such as a house or car. If payments are not met a consumer could potentially lose their home.

Debt Settlement

This program is the newest form of professional debt assistance. As opposed to other debt relief options debt settlement eliminates debt amounts (up to 50%). Debt elimination is achieved through a negotiation process in which a debt settlement specialist negotiates an overall reduction in the total debt owed. Each month the consumer will pay a specific sum of money and in 24 to 36 months a consumer will be completely debt free with only having to pay up to half of the debt they owed.

Total Debt Relief offers a free debt evaluation with a debt professional on their company website:

Contact Information

  • Contact:
    Rob Jones