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Presently it’s been over a couple of years of this nation being trapped in a horrid financial decline.  Many economic experts have been promising to fix the program and get the USA back on track as the financial leader of the world, but it appears more and more like this may not be occurring again for quite some time. 

There have been a number of unfortunate events that have lead us to such a low point in our economic history, ranging from the home loan industry to the car industry.  However there is another issue that is greatly hurting American debtors at this point and that is enormous amounts of consumer credit card debt.  We have hit an all time high dealing with credit card debt, and it honestly continues to get more out of hand. 

The good news for overextended consumers there are debt relief programs available to people who are in search of debt freedom.  The more popular have shown to be consumer credit counseling and credit card debt settlement.  Both have their respective pros and cons and can benefit US citizens who are trapped deep in credit card debt. 

With utilizing credit counseling consumers can expect to get their APR’s vastly reduced.  One more advantage of the program is that the monthly payment will be a fixed payment for the entirety of the program, thus allowing them to pay off their accounts in a much faster fashion.  Additionally it’s just one monthly payment, which significantly helps assist the issue of dishing out multiple payments to numerous creditors each month. 

There are however downsides with credit counseling these negatives are that if the debtor goes one month delinquent they can get kicked off of the plan.  Plus the plan might report adversely to the credit bureaus during the program, which might effect getting a mortgage.  Over 70% of consumers who go into credit counseling programs wind up failing off. 

Then there is credit card debt relief, this program will really assist overwhelmed consumers stuck in credit card debt.  This program is nice because the actual balances are lowered not the interest rate.  So the debtor should expect to keep around fifty percent of what they currently are obligated to payback.  In addition this program will aide the consumer out of debt within just a couple of short years.  Throughout a economic meltdown this is proving to be the most lucrative form of credit card debt relief. 

The problem with debt settlement is that the consumer has to fall past due on the bills in order for the banks to be in position to negotiate the bill.  So this understandably shows a very bad effect on the consumers credit history, plus the debtor will go through some form of collection activity from the banks, this can be very unbearable for some people.

Whatever process is utilized they can both assist the consumer in finding debt freedom. And throughout this economic catastrophe people seriously can’t afford to be trapped in debt for decades shelling out gigantic amounts of cash to the blood sucking credit card banks.  Once out of debt then people can really begin to contribute to helping the economy get back off the ground and soaring once again.