SOURCE: Federal Debt Relief Program

June 09, 2010 05:00 ET

Credit Card Debt Bailout: Relief & Consolidation Occurring Now

With More and More Consumers Taking Part in a De-Facto Credit Card Bailout, Federal Debt Relief Program Explains How the Process Works

SAN DIEGO, CA--(Marketwire - June 9, 2010) -  Credit card debt relief is now available. This is important to note as credit card debt continues to be a major issue affecting the lives of millions of individuals and families today, and remains a drag on the ongoing national economic recovery. A credit card debt bailout however is underway and is having a profound and positive impact on the situation.

The numbers don't lie: consumers are virtually buried in credit card debt today. Of U.S. households that carry credit card debt, the average balance is over $15,000. The total U.S. consumer debt as of March 2010 stands at a whopping $2.45 trillion. Much of this is credit card debt.

Fortunately, a credit card bailout is available today.

The credit card bailout that is currently ongoing and offered through debt relief and debt management services works through various programs, many of which can be easily applied for online today. One of these programs is known as debt settlement, the other is known as debt consolidation. Here's how these programs work:

Debt settlement is one of the newer credit card bailout programs. In this credit card bailout program, a debt relief firm will negotiate on behalf of the cardholder with their creditors. The goal of these debt negotiations is a reduction in the credit card debt principal.

In many cases, a credit card bailout that is negotiated through debt settlement can be a reduction of 50 percent. This is a credit card bailout that is achieved with any loans being taken out and without bankruptcy.

Debt consolidation is another credit card bailout currently available. In this program, credit card debts are typically paid off with the taking out of a new loan, in many cases a home equity loan. The benefit is a lower interest rate and a lower monthly payment.

Federal Debt Relief Program, a non-government, non-government related debt relief program, offers a free debt evaluation and debt savings quote which can be taken advantage of at their website:

Contact Information

  • Contact:
    Natalia Kobseva