Record Numbers of Americans Need Credit Card Debt Help
The average credit card debt in the US per household is above $15,000.00 and the overall credit card default rate has reached a record high of 11.7%, which means that more Americans than ever need credit card debt help. Obviously not everyone is struggling under crushing credit card debt but record number of consumers is, and is looking for a way out.
There are a number of factors at play in so many Americans needing credit card debt help. The economic downturn has forced some out of work and others into lower paying jobs. A sudden medical crisis or death in the family can put otherwise hardworking regular families on the brink. Attractive leader rates on credit cards can lead the unwary consumer into credit card debt only to find that the regular rates, which take effect a few months down the road, are insupportable.
Whatever the reason, if you feel you need credit card debt help there are answers, and they can be solutions you can live with and even find yourself debt free sooner than you believed would ever be possible.
One of the first steps to credit card help is to get a good third party object assessment of your debt situation. This is particularly valuable if you have been hounded by creditors and worried so long about your credit card debt that you cannot look at it objectively.
There Is More Than One Solution to Credit Card Debt Help
Not every type of credit card debt help is right for every consumer. Families are individual their debts and expenses and income are individual and no one answer works for everyone. That is why the individual assessment is so important, it is not a cut and dried situation but one that should be worked out to the benefit of the consumer.
Credit Card Debt Consolidation
This is one option that may provide the necessary credit card debt help a person needs to get back on track. All the credit card debts are lumped into a single payment, which is normally much lower than the monthly payments for the cards and can stop new late fees and penalties.
Credit Card Debt Settlement
On occasion the credit card debt of a consumer is so overwhelming that as they stand, credit card debt consolidation is not an option the amounts are too high. In that case, credit card debt help in the form of debt settlement can be a good option. Instead of paying the amount owed on the credit card, negotiations are made with the individual credit card companies so that a reduced amount is paid instead. When the credit card debts are just too high and the consumer has been unable to continue payment then this may be the answer.
Credit Card Debt Help Is About You
It cannot be emphasized enough how individual credit card debt help should be. You are not a balance sheet or a set of figures, and credit card debt help should take into account your situation not just the numbers.