If you are buried up to your neck in credit card debt you certainly aren't the only one.
After one of the worst recessions since the Great Depression there are more consumers and small businesses on the verge of bankruptcy than ever before.
Instead of giving up and filing bankruptcy it would be wise to take a look into your personal debt relief options.
One of these personal debt relief options is known as credit counseling.
Credit counseling is intended for individuals and small businesses with several high interest credit card bills.
Instead of paying back all these high interest accounts back separately, credit counseling allows you to pay them back together in one single payment at a lower interest rate.
This payment will typically be the sum of all your minimum payments and you will pay it back over a period of 4-9 years.
This can save you thousands of dollars in interest over the years but make sure you can afford the monthly payment or you could risk getting kicked out of the program which would leave you is worse financial condition.
Another personal debt relief option is known as debt settlement.
Debt settlement is intended for individuals and small businesses that are experiencing a financial hardship and are struggling to pay their credit card debt.
If you qualify, you can have 40-60% of your debt balance completely forgiven.
You will then pay back the other have in monthly installments.
Debt settlement is considered a good option for consumers considering bankruptcy.