SOURCE: National Debt Relief Program

September 22, 2010 14:47 ET

Credit Card Debt Consolidation and Relief Programs Needed Today

With an Unfolding Personal Debt Crisis Underway, National Debt Relief Program Discussed Credit Card Debt Relief and Consolidation Programs

LOS ANGELES, CA--(Marketwire - September 22, 2010) -  There has been much talk in the media lately regarding headway Americans are making in paying down personal debt as belt-tightening becomes part of the new norm. Yet a closer look reveals that the lowering in personal debt such as credit card debt comes not from the paying down of debt, but from defaults.

"First, consider household debt. Over the two years ending June 2010, the total value of home-mortgage debt and consumer credit outstanding has fallen by about $610 billion, to $12.6 trillion, according to the Federal Reserve. That's an annualized decline of about 2.3%, which is pretty impressive given the fact that such debts grew at an annualized rate in excess of 10% over the previous decade.

"There are two ways, though, that the debts can decline: People can pay off existing loans, or they can renege on the loans, forcing the lender to charge them off. As it happens, the latter accounted for almost all the decline. Over the two years ending June 2010, banks and other lenders charged off a total of about $588 billion in mortgage and consumer loans, according to data from the Fed and the Federal Deposit Insurance Corp." - Wall Street Journal.

Yet working class Americans are well aware of the struggles they face with personal debt. When it comes to credit card debt, relief and consolidation programs offer proven programs for helping a person to lower their debt, consolidate into a single monthly program payment, and establish a road map for getting out of debt. These credit card debt relief and consolidation programs have helped millions of people over the years and are helping thousands more today during this time of economic uncertainty.

National Debt Relief Program offer a free debt relief evaluation which can be taken advantage of at their website:

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