Credit Card Debt Relief: Elimination Explained

With Various Competing Debt Relief Programs Available Today, Consumer Advocate Total Debt Relief Breaks Down How Each Works and What Might Be Best for Consumers

DALLAS, TX–(Marketwire – March 18, 2010) –  Though financial analysts remain in disagreement as to whether the U.S. economy is still in recession or limited economic recovery, one thing is certain — a job recovery has yet to begin. Over 7 million jobs have been lost during the recession, and this has caused tremendous financial hardships for individuals and families across the nation.

During this time, many are those who are seeking out and in need of credit card debt relief. The number of various programs available today is higher than ever before, giving consumers as well as businesses more options from which to choose from. These programs can sometimes at first seem very similar, even by name, yet they can work through very different methods.
Credit Card Debt Consolidation is a program whereby credit card debts are consolidated or combined. This could provide either a lower interest rate, a fixed interest rate, or extended payment terms. The ultimate goal of credit card debt consolidation is the eventual repayment of the entire amount of credit card debt that is owed, yet making the repayment process more doable and easier.
Consumer Credit Counseling is a program that is better suited for individuals with lower amounts of credit card debt, and whose credit card debt situation has not reached the critical stage. With the help of consumer credit counseling, one’s finances can be carefully examined, strengths and weaknesses determined, and a plan of action can be set forth to lower expenditures, increase savings and pay down debt.
Debt Settlement is one of the newer debt relief programs which is available to both consumers and businesses today. Different from debt consolidation, debt settlement is a program whereby a consumer’s or business credit card debt is negotiated through a debt arbitration firm directly with the credit card companies. In most cases, credit card debt that is negotiated through a debt arbitration firm can be reduced by up to 50% or more. This is debt that is negotiated away, written off, and does not need to be repaid.


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