SOURCE: Total Debt Relief

May 17, 2010 16:00 ET

Credit Card Debt Relief Solutions in the United States: Total Debt Relief Offers an Explanation

MIAMI, FL--(Marketwire - May 17, 2010) -   Europe isn't the only continent plagued with debt woes; consumers in the United States continue to accumulate more credit card debt, but help is available.

By now we've all heard that debt is plaguing the world economies. Greece recently received a hefty bailout from the EU, but what about the individuals that make up a country? In the U.S. citizens are finding themselves in massive amounts of debt due to heavy reliance on credit cards for living expenses. As time passed and interest rates added up, some Americans saw their credit card bills as high as $80,000 with little hope of ever paying it off. What most of them don't realize is there are effective debt relief programs that aim to reduce and or eliminate debts completely.

Option 1 Bankruptcy
This is the most obvious form of debt relief. Bankruptcy rates have soared in recent years and doesn't show any sign of slowing. Bankruptcy is a debt relief program that has the potential to eliminate all debts. Essentially a consumer puts their hand up in the air and surrenders to the courts. Best case scenario: no more payments will have to be made to creditors (depending on the chapter filed). The down side: one's credit score will be shot for the next 10 years. This means no loans or new credit cards.

Option 2 Debt Consolidation
Debt consolidation is another program that has been around for quite some time. In its most simple form debt consolidation is taking multiple loans and combining them into to one debt amount. The goal is to make payments easier and more organized. Some consolidation companies can lower overall monthly payments but the time period for paying off the debt will increase as a trade off.

Option 3 Debt Settlement
This program seems to have the most controversy around it. In fact, new laws have been passed by the US courts creating more regulations for the industry. Essentially debt settlement is the act of negotiating overall debt amounts to a lower more payable amount. Debt settlement agents are trained to work with various creditors in attempt to lower debt amounts to 50% less than the original total.

Total Debt Relief offers consumers a free debt evaluation which consumers can take advantage of at the company's website:

Contact Information

  • Contact:
    Rob Jones