Getting into debt is way to easy these days.
Consumers are constantly bombarded with credit card offers and the convenience of the credit card makes it easy to spend money we don't have.
Getting out of debt may not be as easy but it can be done.
There are several debt solution strategies that can be used to reduce or eliminate credit card debt.
Do it yourself - These debt strategies usually involve selling unwanted items, better budgeting, stop spending and others.
Debt Settlement - With this option you normally work with a debt settlement company, although you can do it yourself.
A reputable company can reduce the total amount of debt you owe, sometimes up to 50%.
Debt consolidation - A debt consolidation loan allows you to combine multiple debts into one bundled loan.
For the most part, you still owe the money, but you only have one combined monthly payment.
You can also this yourself or find a reputable company to help.
A debt consolidation company may get accrued interest and fees reduced.
Refinance your home - If you still have equity in your home, you can refinance and use the money to pay off high interest credit card debt.
The interest on equity loans is usually lower than that of the credit card.
Credit Counseling or Debt Management Plan - A counselor will meet with you, either in person, or over the phone to discuss your credit card debt situation.
They will then help establish a plan for paying off debt, and in some case, can get the finance charges eliminated.
Bankruptcy - Bankruptcy should be considered only as a last resort.
It affects your credit for many years and makes it difficult to make major future purchases.
Your current debt situation will determine the best approach, and the terms of the deal.
Those who are already behind in payments, with damaged credit will not get the best or lowest interest rates on any new loan.
Unsecured loans also cost more.
Do your research and calculate the best option for you.