SOURCE: Total Debt Relief

December 14, 2009 16:19 ET

Consumer Reports Re: Credit Card Debt, Total Debt Relief Explains

As Conflicting Reports Are Issued Regarding the Best Strategies for Paying Off Credit Card Debt, Consumer Advocate Sheds Light on the Situation

CHICAGO, IL--(Marketwire - December 14, 2009) - When it comes to personal finance issues such as credit, debt, and credit card debt, it can sometimes be difficult to make sense of your personal financial situation and decide the best course of action.

And when it comes to TV celebrity financial analysts, consumers are often left wondering if these presenters are being compensated on the side by the financial industry for the advice they are spewing.

In regards to credit card debt, consumers have been told everything from: first pay off the card with the highest balance, pay off the card with the highest interest rate, pay off the card with the lowest balance, or pay off the card with the lowest interest rate.

Consumers have been told to keep unused credit card accounts open. They've also been told to close unused credit card accounts. They've been told credit card debt consolidation works best at reducing and eliminating credit card debt, they've been told debt settlement works best at reducing and eliminating credit card debt.

Consumer advocate Total Debt Relief clarifies the following regarding credit card debt:

When it comes to debt relief, consumers can benefit in small measure from debt consolidation, home equity loans, consumer credit counseling, even bankruptcy. Yet each of these debt relief programs come with pluses and some very big minuses such as having a great negative impact on consumer credit reports.

Bankruptcy, for example, can cause an immediate drop of nearly 300 points to a consumer's credit report. A debt consolidation program which involves the consumer taking out a home equity loan is likewise a risky strategy as the consumer risks losing their home if they are unable to make their payment at some point down the road.

Debt settlement, however, is able to achieve enormous reductions in credit card debt in the shortest amount of time without all the harmful and negative repercussions and disadvantages of debt consolidation and bankruptcy.

Total Debt Relief offers consumers a free debt evaluation which they can take advantage of at the company's website as listed below.

Contact Information

  • Contact:

    John Chase
    877-224-2950 x 7016