SOURCE: Total Debt Relief

May 19, 2010 16:00 ET

Credit Card Debt Relief Assessment: Knowing When to Seek Professional Debt Relief Help

CHICAGO, IL--(Marketwire - May 19, 2010) -  Swallowing one's pride and knowing when to seek help with credit card debt can be a difficult decision. Total Debt Relief explains when credit card debt is too much for a consumer to manage without professional help.

Americans should know they are not alone when it comes to credit card debt. According to the Federal Reserve 54 million households have credit card debt and on average they owe $15,788. Many consumers wonder when it's time to get professional debt relief help, and if so, what programs are best. Since everyone's situation is unique, there isn't a certain debt amount that requires professional help. The biggest factor taken into account is income. If a consumer's income is not enough to cover daily expenses along with minimum payments, then professional help might be a recommended option. Making minimum payments every month does not rule out the need for professional help. If borrowers can only afford to make minimum payments they should consider a professional debt relief program as an option.

Once the consumer reaches a decision to find professional debt help, they should know what programs are available and how they work, see below:

Debt settlement - Uniquely works to cut debt amounts by as much as 50% in 24 to 36 months through a negotiation process. In debt settlement the settlement company acts as a mediator for the borrower, fighting to lower overall debt amounts on their behalf.

Credit Counseling - Aimed towards consumers with fewer than 10k in credit card debt. Credit counselors help borrowers form a plan of action involving strict budgeting and a well organized re-payment plan. They can also work with creditors to make payments more flexible.

Debt Consolidation - Tends to be the most popular debt relief program (with the exception of bankruptcy) and is targeted towards consumers with multiple debts. Debt consolidation combines a borrower's debts into one large debt amount, making the payment process more organized and easier to keep up with.

Note: credit counseling and debt consolidation do not eliminate debts. They aide the consumer by providing them guidance and make the re-payment process as simple as possible. Debt settlement is the only bankruptcy alternative that lowers debt amounts which consumers will never have to pay back.

Total Debt Relief offers consumers a free evaluation with a debt professional by visiting:

Contact Information

  • Contact:
    Rob Jones
    877-224-2950 ex. 7016