Credit Card Debt Reduction - How to Monopolize on the Recession and Acquire Debt Relief

By:Divya Mishra

At first glance, the connection between the recession and debt relief seems to be an antithetic one. Recession only compounds the debt problems that we face, right? It only makes it more difficult to manage our finances. People default on their credit card debts during the recession.

People suffer more foreclosures during the recession. In such a scenario, to actually think of using the recession to get debt relief simply does not make sense. Well, that was the past.

Today, times and circumstances have changed. The recession is actually a vehicle which can be used to travel to debt relief very quickly. How? What solution or remedy should you utilize to extract the maximum benefits out of this recession?

As you would know, a recession leads to a large increase in the number of bankruptcies. This position has been particularly bad as far as this recession is concerned. There are numerous instances where financial institutions have gone bankrupt primarily because bulk of their assets-debtors-went bankrupt.

This creates a vicious cycle where each and every bankruptcy leads to more bankruptcies. The government had to step in to stop the vicious cycle. It did so by offering a stimulus package to the economy and a specific asset reconstruction package to the credit card issuers and unsecured lenders.

The intervention of the government has made it easier to acquire debt relief. If you want to overcome your financial problems, it is obvious that you will have to enjoy a quick and drastic reduction in the total amount owed. You just have to log onto the World Wide Web and search for a debt settlement.

You will understand that credit card issuers are prepared to offer 50% to 60% discount on the total amount owed. They are prepared to do so without expecting anything in return. They just want you not to go in for bankruptcy and repay the debt that is owed after the discount has been offered.

If you want to qualify for such a deal, just make sure you have debts in excess of $10,000 and owe money because of defaults on a regular basis.

If you successfully qualify for this debt relief option, you too can successfully claim that recession has helped you overcome your financial problems. You too can be placed in such a scenario where you are better placed to enjoy the boom that will follow once the recession comes to an end.

If you are one of the millions of Americans who has over $10,000 in unsecured debt, it is time you found out about the debt settlement options available to you. Due to the current economy an overwhelming amount of people are in debt, creditors are having no choice but to agree to debt settlement deals. To get free debt help click the following link: [http://www.free-debt-relief-advice.com]Free Debt Help

Article Source: [http://EzineArticles.com

Consumer Credit Counseling

By: Sarrah Lee

The first step to seeking help is to understand your options. As consumers continue to struggle with mounting debt, many are looking for help but are unaware of the different debt solutions available. This lack of awareness can make consumers feel vulnerable and consider debt counseling services to be suspect. Debt relief help doesn't have to be confusing, and educating yourself can appease concerns about being mistreated.

There are several options available, but the two most successful and commonly used ones are credit counseling and debt settlement:

Credit Counseling
Credit Counseling is also known as Debt Management. It involves negotiations with creditors to reduce interest rates and fees on your credit cards so that you can pay one consolidated monthly payment to a credit agency, which is used to pay all creditors. Credit counseling is not a quick fix and usually takes 3-5 years to complete. Though the fees and rates may be reduced, it may also require a significantly higher monthly obligation since you are still paying back the principal in full. Therefore, enrolling in a debt management program may not be right for everyone, and debt settlement may be more suitable.


Next Steps:
To start off, the best and easiest thing to do would be to first get in contact with a legitimate debt counseling company and get a free consultation to go over your expenses and determine the best solution customized for your situation.

For more information, you can visit our [http://www.rightstartllc.com]credit debt relief site, which serves as an online resource for debt relief candidates seeking consumer credit counseling and debt settlement services.

Article Source: [http://EzineArticles.com