SOURCE: Total Debt Relief

October 19, 2010 14:00 ET

Consumer Debt Still Up: Credit Card Debt Help Still in High Demand

While Economic Recovery Is High on the Government's Priorities, Private Debt Relief Firms Are Big Players in Consumer Debt Relief; Total Debt Relief Explains Their Role in Lowering Consumer Debt

LOS ANGELES, CA--(Marketwire - October 19, 2010) -  While it might seem like our economy is slowly starting to pick up, recent reports suggest that there are still some major problems within our economic structure, consumer debt being a big one. Various news sources are revealing statistics on how debt is rising and falling or loan delinquencies that are increasing or decreasing depending on the source.

It seems as though the numbers from each source are starting to contradict each other. When it comes down to it, what do consumer debt and loan delinquencies statistics mean? Many Americans are struggling with personal debt in desperate need of debt relief, end of story.

Total Debt Relief has seen firsthand how much credit card debt alone just one consumer can rack up over a certain period of time. It is no surprise to hear that some consumers can find themselves in as much as $25K+ in credit card debt; they receive requests for help from consumers in this situation on a daily basis.

While the government wants to help consumers in debt, there isn't necessarily a government grant or program that directly aims to eliminate a consumer's debt. Instead, new laws were set in place to make private debt relief practices more legitimate. These laws were aimed at the debt settlement industry. In this industry, settlement companies negotiated with various creditors on the consumer's behalf. Successful companies in some cases were able to eliminate up to 50% of an individual's debt. Unfortunately, many companies providing these services scammed consumers or did not follow through with their promises.

After this month debt settlement companies will only be able to collect fees from consumers if they successfully negotiate a portion of a consumer's debt. Now consumers will have more protection when it comes to private debt relief companies.

It is still recommended consumers do their homework before enrolling in such a program.

Total Debt Relief provides consumers with a free debt evaluation which can be taken advantage of at their company website:

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