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Now it has been over a few years of this nation being stuck in a mind boggling economic recession.  Most financial experts have been promising to right the ship and get the US back on track as the financial leader of the world, but it appears 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 such a low point in our economic history, ranging from the mortgage sector to the car industry.  However there is another issue that is vastly hurting US consumers at this point and that is large sums of consumer credit card debt.  We have reached an all time high concerning credit card debt, and it only continues to get worse. 

Fortunately for overwhelmed consumers there are debt relief programs on the market for consumers who are in search of debt freedom.  The most sensible have shown to be consumer credit counseling and credit card debt settlement.  Both have their respective pros and cons and will benefit US citizens who are ensnaired deep in credit card debt. 

With utilizing credit counseling debtors can look to get their interest rates vastly lowered.  One more advantage of the program is that the monthly payment will be a fixed payment for the duration of the program, thus offering consumers the ability to pay off their debts in a much quicker fashion.  Additionally it is just one monthly payment, which vastly helps ease the issue of dishing out tons of payments to various creditors every four weeks. 

There are however problems with credit counseling these negatives are that if the debtor slips one month delinquent they can get booted off of the program.  Also the program will report negatively to the credit history during the program, which could effect getting a home loan.  Over 80% of people who go into credit counseling programs wind up falling off. 

At last there is credit card debt relief, this plan can seriously help overextended Americans stuck in debt.  This method is nice because the original balances are reduced not the APR.  So the debtor should expect to save around half of what they currently are obligated to payback.  Plus this program will aide the consumer out of debt within just a couple of short years.  During a economic meltdown this is showing to be the most effective form of credit card debt relief. 

The problem with debt settlement is that the consumer has to fall past due on the accounts in order for the creditors to be willing to settle the debt.  So this obviously shows a very adverse effect on the debtors credit history, plus the debtor will receive some kind of collection activity from the creditors, this can be extremely unbearable for some people.

Whichever process is used they will both assist the consumer in finding debt freedom. And in the middle of this financial meltdown consumers really cannot manage to be stuck in debt for decades paying ridiculous sums of cash to the money driven credit card companies.  After getting out of credit card debt then people can really start to contribute to helping the financial infrastructure get back off the ground and healthy once again.

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