CHICAGO, IL--(Marketwire -08/23/12)- Debt consolidation and credit card debt relief programs remain a powerful force source of help for Americans today who find themselves behind or otherwise buried in debt such as that from credit cards and medical bills. How to apply for these programs? Read on.
The U.S. economy is at a crossroad and some would say on the border of recession once again. The national debt remains a concern. Crude oil is currently approaching $100 per barrel causing great pain at the pump. Even more troubling, a new Gallup poll reveals that nearly 1 in 5 Americans has trouble buying food for themselves and their families.
Debt however is one of the areas where consumers continue have great resources and programs available to them to help lower their debt burden, restructure, navigate their way out of and pay off credit debt.
Debt Relief Programs
Debt Settlement -- One of the newer debt help programs, and also known as debt arbitration or debt negotiation, debt settlement is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.
Debt Consolidation -- One of the oldest debt help programs, debt consolidation very often entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts through federal bankruptcy court. For the most part, bankruptcies can be divided into two types -- liquidation and reorganization. Both Chapter 7 and Chapter 13 bankruptcy have many rules -- and exceptions to those rules -- regarding which debts are covered, who can file, and what property one can and cannot be kept.
The good news is that debt relief is entirely possible today.
National Debt relief Program offers a free debt analysis which can be taken advantage of at their website: