Credit Card Debt Relief Programs and Debt Consolidation Help Many American Consumers

by San Antonio Attorney

Credit card debt relief programs and debt consolidation continue to be effective sources of help for people who are buried in debt, such as medical and credit card bills.

The country’s economy is on the brink of another recession. The federal debt continues to be a concern. Crude oil is now getting close to $100 per barrel and a new poll shows that almost 1 in 5 Americans do not have enough money to provide food for their families.

The good thing is that credit card debt relief is fairly easy nowadays. Debt is one area where people have good resources and programs around that can help reduce their debt load, restructure, and pay back debts.

Consumer Debt Relief Programs Available

1. Debt settlement is one of the more recent debt help programs. It is also commonly called as debt negotiation and debt arbitration. It allows a debtor to reduce the whole amount of debt by negotiating with the creditor and making a lump sum payment.

2. Debt consolidation programs have been around for a while. It typically requires taking one loan to settle other debts. The goal of debt consolidation is to get a lower interest rate, obtain a fixed rate of interest or find convenience by paying a single loan instead of many.

3. Bankruptcy is a legal process through which businesses and consumers can repay or eliminate their debts through the federal bankruptcy court. There are two main types of bankruptcies: liquidation and reorganization. The most commonly used bankruptcy chapter is Chapter 7 and Chapter 13. They have a lot of rules regarding who can file, which types of debts are dischargeable, and what property can be protected. Bankruptcy is typically considered as a last resort due to a long-term damage it can inflict to a person’s credit.

 

– When it comes to debt problems, it is always best to ask for help the as soon as possible. Talk to a Debt Relief Attorney now to help you resolve your credit card woes.

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