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Credit Card Debt Solutions For 2010 - How Americans Are Dealing With Massive Credit Card Debts


There has never been more consumers deeply in credit card debt than there is currently. Not only are Americans coming off the worst recession since the Great Depression but now credit card companies are jacking up their interest rates leaving many consumers unable to pay back their debts. Many of these debt ridden consumers in the past would have filed bankruptcy but new bankruptcy laws have made it much more difficult to be accepted. So what are some legitimate credit card debt solutions for debt ridden consumers?

Many consumers that are experiencing a financial hardship and have at least $10k in unsecured credit card debt are opting for debt settlement. Debt settlement is where consumers are able to pay back a percentage of their credit card debt and the creditor agrees to forgive the rest. This is typically the last option before filing bankruptcy. Creditors will agree to take partial payment if they believe the consumer is a legitimate candidate for bankruptcy because if the consumer were to declare bankruptcy they would likely receive nothing. 50% of their money is better than nothing for most creditors of unsecured debt. Websites like will help consumers find legitimate debt settlement companies and also provide free debt counseling.

Another credit card debt solution for consumers is credit counseling. Credit counseling programs help consumers lower the interest rates on their credit card debt. This is a good option for consumers that are able to comfortably meet their minimum payments. Most credit counseling programs last 4-9 years and the consumer is responsible to pay back the entire credit card debt balance plus interest. Consumers who opt for credit counseling need to be very careful however because if they miss just two payments it often results in being kicked out of the program. This leaves the consumer in much worse shape than they were when they entered the program.

Credit card debt settlement is the fastest way to eliminate unsecured debt and avoid bankruptcy. Most debt settlement programs last 1-4 years and after that the consumer is debt free. This doesnít come without consequence however. The consumerís credit score will be negatively affected and collection calls are likely to increase in the short term. Many consumers that have opted for credit card debt settlement have decided that they would rather eliminate 60% of their unsecured debt rather than have a high credit score. It should be noted however that once the debt is settled the consumer will be able to build back their credit as their debt to income ratio will be much more favorable.

The average debt settlement is around 50% with the help of a legitimate debt settlement company. 50% debt elimination is just the average and results vary depending on several circumstances most importantly the skill of the particular debt settlement company in negotiating consumer debts. Some companies are just flat out better than others. Websites like can assist consumers in finding legitimate and proven debt settlement services free of charge.

To locate the top performing debt settlement companies in your area for free debt relief advice check out the following link:

Or Call - 877-853-6466



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