The United States marketplace is slipping into the gutter and looks as if it is going to continue to plummet and it looks like it isn’t getting any better. This is extremely terrifying for the mass of US citizens. More than ever when you understand that so many of these people are stuck deep in unsecured credit card debt. The first priority people should be looking at is to get out of credit card debt quickly. Consumer debt relief will assist most consumers.

So what are the best avenues that debtors have to get out of credit card debt? There are really four justifiable legal methods in that families can use to getaway from the pit of credit card debt. There is consumer credit counseling, debt consolidation loans, debt settlement, and then there is a bankruptcy hearing. The above mentioned options all have their respective pros and cons so, it in reality depends on a persons monetary situation to to aide in figuring out which avenue would be best.

The chief method a lot of debtors ponder is the debt relief system of consumer credit counseling. This avenue if worked properly will reach the milestone of getting someone out of such a rough financial time. But in this horrible marketplace presently most people cannot afford to swing a credit counseling program. In most cases it can cost close to the same as the monthly minimum payments cost and a lot of debtors realistically can’t afford their minimums each four weeks. Beware if you do not make one payment on a credit counseling program you will be taken off the program and lose the pluses of paying on a low interest rate.

Then there is the pretty trendy system of debt relief many look into is to secure a debt consolidation loan. This is where you make use of the equity in a piece of real estate to pay off credit cards, then leaving the consumer with just one monthly payment to the loan in most situations accompanied with a decreased interest rate. The chief issue with this however is that you must own a home and be able to secure a loan, and if you default to this loan you can have your home foreclosed on.

Then there is one more extremely lucrative method to get rid of credit card debt fast and save cash, this is debt settlement. This procedure allows Americans to achieve financial freedom as quickly as two years or maybe less and save a tremendous amount on how much they owe. In many cases a client will end up saving close to or more than 40% of what their current debt amount is as of this moment. The single downside to this program is that you have to fall behind on the monthly minimum installments to make the credit card companies willing to work out a settlement.

The final stop for most consumers when trying to avoid a money sucking debt issue is the course of consumer bankruptcy. For good reason a great number of consumers want to avoid bankruptcy. The adverse effect from filing for a bankruptcy process is pretty long lasting. Not to mention the social embarrassment of having to go through this process. Plus the mark left on your FICO score is very bad and will be there up to 7 years.

Steve Bis is a credit card debt analyst with the US Consumer Advocate, which practices in credit card debt reduction.

- Steve Bis

This entry was posted on Sunday, November 22nd, 2009 at 9:11 pm and is filed under Finance, Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.