Fortunately, we live in an era where we have an easy access to credit facilities and ironically we also have a direct ticket to a debt ridden situation more so because of the recent down turn in the economy.
An average American is finding it hard to pay off his credit card bills mainly because his wages has been cut or he may even be laid off from work.
Doing a couple of odd jobs is not enough to make ends meet.
How would you like to experience the following? *Reduced and possibly eliminated interest rates *No more fees *No more collection calls *One monthly payment *Less stress These are the benefits of consumer credit counseling.
If you feel that you can not handle your debt on your own the best idea would be to approach a debt counseling agency.
The process is simple and easy to follow.
After thorough researches of all the Debt Settlement Companies in your areas choose the one that you think is best suited for your needs.
They will help you to prepare a budget which will determine all the assets that you are left with which will help you in paying back your creditors.
They will also explain on how to manage your household expenses by using ready cash and not depending on plastic cash.
A meeting is called by the settlement companies with all your creditors.
They are informed of you current financial hardship and all the papers are presented to them which proves that your indeed not in a position to pay back the entire amount.
This is not news to your creditors.
They would have been monitoring your account since the time you stopped making payments which was otherwise made regularly.
They would prefer to get at least a part of the payment than no money at all.
A good negotiator should be able to bring down the amount payable by 40 - 60%.
This amount can be paid off in a lump sum or in monthly installments.
The debtor will be debt free in less than 2-3 yrs time and can look forward to life free of debts.