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For better or worse, debt is a fact of life in America. Here are a few interesting statistics:

  • On average, consumers have 13 credit obligations listed with the credit bureaus. Out of these 13, 9 are probably credit cards while the rest are installment loans like mortgages, car loans and student loans.
  • According to the Nilson Report, at the end of 2008, the average credit card debt per household (even the households without credit cards) was $8329. If you look at just the households with credit cards, the number climbs to $10,687.
  • The revolving consumer debt in America is $950 billion as of March 2009.
  • Young adult households with credit cards spend close to 24% of their income on debt payments.

With numbers like this, it’s no wonder that more and more Americans are looking for debt relief.

Fortunately, there is help. There are a variety of things that you can do to get out from under your debt burden, and some of them can be accomplished relatively quickly. Here is a summary of just a few of the debt relief methods that we cover in detail on this site.

  1. 0% balance transfer credit cards – If you have decent credit, you may benefit by transferring your high interest rate cards to a zero percent card. While you have to keep track of the promotional time period, the interest savings are well worth it. You can use the money you would have paid in interest to pay down the principle you owe much more quickly.
  2. Debt Consolidation – If you own your own home, or if you have other assets such as a car or boat, you may benefit by refinancing and consolidating your debts. Generally loans secured by real property have lower interest rates.
  3. Credit Counseling – If you have a high amount of unsecured debt and you are unable to make your monthly payments, credit counseling may be the right option. Often credit counseling agencies can reduce your interest rates and may be able to waive late fees. There are a few drawbacks though, so research the subject on this site to learn all the facts.
  4. Debt Settlement – Some agencies offer debt settlement as part of their credit counseling services. Depending on your situation, it may be possible to reduce your overall debt. This type of debt relief will still impact your credit score, but it can be a very helpful tool if you’re struggling to make ends meet.

If you are struggling with debt and are looking for debt relief options, you’ve come to the right place. We’ve compiled a great deal of information to help you make the best possible choice for you and your family. Please browse the site, and if you have any questions or comments, we’d love to hear from you.