Consumer debt is poised to exceed the $1 trillion threshold for the first time in our nation's history.
The vast majority of this debt is from credit cards so if you are one of the millions of Americans looking for advice for getting rid of credit card debt then I believe we can help you out here.
The first choice you have is to contact your financial institution(s) on your own.
Believe it or not they are now more than ever willing to negotiate in good faith in order to come to a fair and equitable solution to their customer's credit problems.
You see, defaults and bankruptcies are now at a record high and it is very much affecting the bottom line of financial institutions that issue credit.
Simply stated, instead of seeing their customers stop paying their bills altogether, they are now open to working with them to find a favorable solution.
With that said, it is imperative that you take advantage of this opportunity.
The banks and financial institutions know full well that millions of Americans are struggling.
Unemployment has now topped 10% nationwide and as the unemployment rate goes, so goes the credit markets.
If you do choose to get rid of credit card debt on your own then remember to be honest, respectful and forthcoming with any and all pertinent information.
Remember, you are the one that is approaching them looking to make a favorable deal whether that be in the form of lower interest rates or a debt settlement plan.
However, getting rid of credit card debt is much easier said than done.
In the vast majority of cases the wise move is to contact a reputable debt management company.
It costs absolutely nothing to discuss your options with them.
The truly good debt management credit counseling services will patiently answer any and all questions you may have.
The reason it is so advantageous to use a professional debt management company is because in the vast majority of cases you the consumer lacks the expertise and industry know-how that a professional debt management service offers.
Be sure that you understand all of your options.
If the company you contact seems evasive or does not answer all of your questions to your satisfaction then move on to another company.
It is imperative that you thoroughly understand the process before agreeing to become a customer of a debt consolidation or debt settlement company.