Credit Card Debt Repayment Solutions - Debt Negotiation Vs Credit Counseling

Aug. 3, 2010 - PRLog -- Dealing with large amounts of debt is never easy, especially if that debt is from maxed out credit cards, but there are plenty of debt relief methods that you can use in order to eliminate your debt. One of the most popular ones is debt settlement, but you shouldn't run to the first negotiation company if you're not actually sure that this is the method that will best suit your needs.

Debt settlement is primarily aimed at people with large amounts of debt, of ten thousand dollars or more and it actually works best on credit card debt. Because this type of debt is unsecured, it has a large interest level associated with it that tends to accumulate very fast and cause a lot of problems. Credit counseling is used primarily for helping people with moderate amounts of debt deal with their debt in a more convenient way. It can be very useful for advice on handling multiple streams of debt, such as more that one credit cards or different combinations of credit cards, loans and mortgages.

Settling is a very proactive measure, as it eliminates forty to sixty percent of your debt and also helps you achieve a much lower interest level. Overall, you can expect to be free of debt in two or three years, depending on how much your income fluctuates over that period of time, without risking the negative effects of bankruptcy. Counseling is a much milder solution, as it gives you different suggestions as to how to better organize your debt, but it will not actually eliminate or reduce it directly. It could very well ease the burden of you multiple sources of debt, but this is truly a method of debt relief reserved for those with relatively manageable amounts of debt that want a little more control over their financial situation.

Depending on your personal situation, you can choose either of these methods, or try something else entirely. The best thing is to seek professional help and make sure that the method you choose is truly the most advantageous for your personal situation and that it can actually make a difference for you.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. To locate legitimate debt settlement companies in your state check out the following link:
Free Debt Advice
(http://www.debtsquashers.com)
Contact us for free debt advice = 8884442820