Debt relief should be sought at the earliest opportunity by all those in debt.
Credit cards by their very nature give you a temptation to get into debt.
The urge to flaunt your Credit card is so strong that most Credit card users do no blink even once before swiping their cards.
It is at pay back time that they get to know the damage their Credit card have done.
Debt is classified as secured and unsecured debt.
Secured debt has an asset underlying the debt.
If the debtor fails to pay up the creditor can take charge of the asset and discharge the debt.
Unsecured debt does not have any asset to back up.
In case of failure to pay back the debt, the creditors can not get it discharged without bankruptcy.
Thus in unsecured debt the creditors take a bigger risk.
Your credit score tells you what percentage of your credit limit you have utilized and what is your track record.
It keeps a track of all your earlier Credit cards and history of payments.
Any unpaid debt at the end of the month starts reflecting a poor credit score.
Let us take a case where you have four cards and have almost maxed all of them.
In this case your credit score will reflect very poorly as you have utilized a major share of the total credit allowed to you.
Gradual steps in debt relief will help you improve your credit score.
The first thing you need to do is pay off and return some credit cards.
When you close a Credit card account inform the company that you wish to close your account on your own volition.
This will not damage your credit score.
Look for debt consolidation.
Put together all your debt under one head.
This will make it possible to manage your debt better.
It will also help you in debt relief.
These small little steps will take you a long way towards a debt free life.