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Presently it’s been more than a couple of years of this nation being trapped in a horrid economic recession. Many people have been promising to right the ship and get America back to being the financial leader of the world, but it looks more and more like this may not be happening again for quite a long period of time.

There have been a number of misgivings that have lead us to this low point in our economic timeline, ranging from the mortgage sector to the car industry. However there is another issue that is seriously hurting US consumers at this point and that is great sums of consumer credit card debt. We have hit an all time high concerning credit card debt, and it honestly continues to get more out of hand.

The good news for overwhelmed Americans there are debt relief programs on the market for consumers who are trying to find debt freedom. The most workable have proven to be consumer credit counseling and credit card debt settlement. Both possess their respective pros and cons and should benefit US citizens who are stuck deep in credit card debt.

With credit counseling debtors can look to get their interest rates greatly lowered. One more benefit of the program is that the monthly payment will be a fixed payment for the entirety of the program, thus allowing them to pay down their accounts in a much quicker fashion. In addition it is only one monthly payment, which greatly helps assist the problem of shelling out tons of payments to tons of creditors each four weeks.

However one must realize there are issues with credit counseling these issues are that if someone falls one month behind they can get kicked off of the plan. Plus the plan does report adversely to the credit bureaus while on the program, which might hurt obtaining a home loan. More than 80% of consumers who go into credit counseling plans wind up dropping off.

Then there is credit card debt relief, this plan will seriously help overwhelmed Americans stuck in debt. This program is beneficial because the actual balances are reduced not the APR. So the consumer should look to keep around half of what they currently owe. In addition this plan will aide the debtor out of debt within just a couple of short years. During a economic meltdown this is showing to be the most attractive method of debt relief.

The downside to debt settlement is that the consumer has to fall behind on the debts in order for the banks to be wanting to settle the bill. So this understandably has an extremely negative effect on the consumers credit history, plus the debtor will go through some form of collection activity from the banks, this might be very unbearable for some people.

Whatever process is taken they will both assist the consumer in finding debt freedom. And throughout this economic meltdown consumers really cannot manage to be stuck in debt for eons shelling out large amounts of capital to the stingy credit card issuers. Once out of debt then consumers can honestly start to give hand to helping the financial infrastructure get back off the ground and up in the air once again.

Watch What You Spend Racking Up Credit Card Bills Is Precarious