Credit Card Debt Relief: Elimination Explained

Credit Card Debt Relief: Elimination Explained

With Various Competing Debt Relief Programs Available Today, Consumer AdvocateBlogDebt Relief Explained Breaks Down How Each Works and What Might Be Best for Consumers

Though financial analystscontinue to bein disagreement as to whether the U.S. economy is still in recession or slowly recovering, one thing isfor sure-- job recovery has not started yet. Over 7 million jobs have been lost during this recent recession, and this has caused huge financial hardships forpeople across the country.

Many of the people who are seeking out and in need of credit card debt relief. There are a huge number of companies offering options for the consumer These programs can sometimes at first seem very similar, even by name, yet they can work through very different methods.

Credit Card Debt Consolidation is a program where credit card debts are combined. This could provide either a lower interest rate, a fixed interest rate, or extended payment terms. Theobjective here is the eventual repayment of the entire amount of credit card debt that is owed, but it makes it easy by lowering the payments needed.

Consumer Credit Counseling is another program. This program is better suited for individuals with lower amounts of credit card debt, and whosecredit card debtsituation has not reached the critical stage. With the help of consumer credit counseling, the consumersfinances can be carefully examined, strengths and weaknesses decided on, and a plan of action can be set forth to lower expenses, increase savings and pay down debt.

Debt Settlement is one of the newer debt relief programs available to both consumers and businesses today. Different from debt consolidation, debt settlement is a program where a consumer's credit card debt is negotiated through a debt arbitration firm directly with the credit card companies. In most cases, credit card debt that is negotiated through a debt arbitration firm can be reduced by up to 50% or more. This is debt that is negotiated away, written off, and does not need to be repaid.

Finally, the strongest of the options would be complete credit card debt relief. This is where the consumer uses actual contract law to not only be relieved of 100% of the credit card debt, but they have no tax implications either.

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