One program that has been around for years assisting consumers is the consumer credit counseling program. This procedure will allow people to get the interest rates reduced on their accounts and allow them to make just one monthly consolidated payment to a credit counseling agency in which they distribute to the creditors on the behalf of the consumer. A very beneficial point to this program is that you will be put on a fixed payment allowing you to become debt free much faster than you would otherwise with monthly minimum payments at high interest.

The primary problem with credit counseling in the recent economic condition is that for most folks the payments will still be too high to realistically budget to pay every month. And the sad truth is that if you miss one payment to the credit counseling program the creditors will boot you out of the program thus placing you back in the control of the creditors and high interest.

Well fortunately for an American citizen there is another extremely popular system of credit card debt relief that is more workable during this economic backslide and that is credit card debt settlement. This procedure will allow the debtor to save a tremendous amount of funds on what was owed. In most cases the consumers may save 40-50% of what they currently owe on their credit cards. Plus you will notice that with debt settlement becoming debt free happens very rapidly normally within 2-3 years or less. Another benefit is that this will free up funds in your monthly budget.

But you must understand that with debt settlement in order to work out a settlement on the accounts they must fall into default, which will have a negative effect on ones credit history and also invoke collection calls. But the long term positives of saving money and time are more than worth it. Being swamped in debt is like placing the death sentence on your financial well being and this is the fastest and most affordable way out of a sticky debt problem.