Let’s face it the majority of Americans are in debt in one form or another.  The largest debt problem, however, is credit card debt.  For one reason or another we have either supplemented our income with credit cards or, simply chose to purchase things on credit we couldn’t otherwise afford.

Now that you know you aren’t the only one in over your head, let’s talk about your options and see which one best suits you and your situation.

The first option is the best, but often the most impossible, paying your credit card debt off in full.  If you are saying, “If I had the money to pay off my debt, I wouldn’t have a credit card problem!” than this is not the option for you.

Consumer credit counseling is another option. The agency contacts your creditors and makes arrangements to pay your debt off over a pre-determined period of time.  They are usually able to reduce interest rates, and have late fees and over limit fees reduced or removed. This option is used when you have a stable income, and can afford the monthly payments.  If you feel this option may work for you, visit our web site @ payoffyourdebt.org and check out our list of approved agencies.

If you are a do it yourself kind of person, and you have a little money to work with you could try to settle the debt for pennies on the dollar.  The settlement option is often the most lucrative for you.  Let’s say you have a credit card with a balance of $2,000.00, with a little persuasion and some creativity on your part, you could talk the creditor into settling for 50% or less of the balance.  This is by no means easy, but worth the effort in the long run.  Our company has been successful at this for over 14 years, and saved our clients hundreds of thousands of dollars.  If this sounds like an option for you, but talking to your creditors is more than you can handle, contact our company for a free evaluation.

Lastly, there is your legal option of bankruptcy.  This should be saved as a last resort, as it adversely affects your credit for the longest period of time.  This option should be used when all other options have been exhausted and the debt still remains.

Remember, bad things happen to good people.  Hold your head high and take charge!