http://www.primedebtsolution.com/debt-solution/credit-card-debt-solution/ Got a lot of credit card debt? You need a credit card debt solution. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Looking for a credit card debt solution? Many are. Check out these statistics: Americans bought $2 trillion worth of stuff on credit in 2004 Current outstanding debt in America stands at $800 billion Average amount of unpaid credit card debt (for families who have it) is $12,000 Credit card debt for Americans living below the poverty level had doubled by the mid 1990s The average credit card balance for senior citizens went up 89% from 1992 to 2001 Average consumer debt per person is at $7,100 When it comes to credit card debt, it appears that the odds are stacked against us all. And with the prices of gas and milk going up all the time (and incomes not going up) it's understandable. Even the basic necessities are becoming unaffordable. So what are you to do? Where do you turn for help in finding the right debt management solution for you? Learning About Credit Card Debt Solutions and Where to Find Them If you need a credit card debt solution, you might know there are options other than bankruptcy. But do you know what those options are? Probably not. In fact, that's probably why you're here. You need to learn about which credit card debt solution is right for you and how to get it. That's perfect, because that's what we're here to teach you. Before you know exactly which credit card debt solution is right for you, you'll need to talk to someone at a debt management company about your situation--and there are plenty of debt management companies out there to choose from. Just do an Internet search on credit card debt solution and see for yourself. But don't just choose the first company that pops up. You need to do some research, just as you would with any important financial decision. Make sure the companies you are most interested in are nationally certified and accredited, make sure they have a physical street address (not just a post office box), make sure your creditors are willing to work with them, and make sure they are ready and willing to answer any questions you have. To get started, many of these companies have forms on their web sites that you can complete and submit to give their debt management professional an idea of your situation so they can return the appropriate recommendations to you within 24 hours. Compare these recommendations and get a feel for which company you are most comfortable with. Credit Card Debt Solution Options As we mentioned before, there's more than one credit card debt solution out there. Here's a brief outline of the basic credit card debt relief programs that are available: Debt Consolidation - A debt consolidation solution involves negotiation to get your unsecured debt balances and interest rates lowered. Then the new, lower balances are combined and you make one monthly payment to the debt consolidation company, which they distribute among your creditors. Because of the reductions, you can become debt free in about five years. Debt Consolidation Loan - A loan given to you to pay off your unsecured debts. You pay off your unsecured debts immediately, but you still have the loan to pay back. The benefit is that the interest rate on the loan is so much lower (generally half of what you're paying now) and you can have it paid off in five years or less. Debt Consolidation Mortgage - A debt solution that allows you to borrow from the equity in your house to pay off your unsecured debts. Your payment is combined with your mortgage, and you get the same interest rate as your mortgage. In some cases, the interest is even tax-deductible (check with your tax advisor to see if this will work for your tax situation). Student Loan Debt Consolidation - A student loan tool that combines all of your outstanding student loans into one and locks in a much lower, fixed interest rate for you. Your monthly student loan payments are cut in half, too, because you are given more time to pay them off. Debt Settlement - Allows you to pay off your debts at 30-50 cents on the dollar. Generally, you have to have the money all at once, but some debt management companies will give you one to three years to pay it off. With so many good options to choose from, you're sure to find one that's right for you. Sat, 26 Jul 2008 15:00:00 EDT