Irresponsible lending practices by large banks and creditors, in conjunction with a tough economic climate increasing layoffs and lack of high-paying jobs have caused many Americans to find themselves falling deeper and deeper into debt. Based on a recent study, American consumers are estimated $11.13 trillion in debt, of which nearly $849.8 billion is credit card debt. The numbers continue to rise steadily. In fact, American debt continues to rise by $75 million each hour alone, based on a recent CBS news report. As a result, many Americans are now turning to debt relief companies and debt relief services, in order to better manage their debt and attain financial freedom.
Unfortunately, many people wrongfully assume that filing for bankruptcy is their only means of getting out of debt. Filing for bankruptcy often results in poor credit for years to follow, which in turn can make it difficult to reestablish good credit. However, debt relief companies offer a broad range of debt relief options and debt management programs that give their clients the opportunity to settle their debt in a way that is convenient for them. Each client’s financial situation is different and unique. As such, debt relief companies have teams of experienced financial counselors that carefully review each client’s case in order to develop a solution that is best suited to their individual needs.
An important part of getting out of debt is staying out of debt. In addition to debt management plans and solutions, debt relief companies also offer financial planning advice in order to give their clients the tools and resources they need to make better, and more informed financial decisions in the future.
Though being in debt may seem overwhelming, it is important for consumers to remember that there are a variety of debt solutions that will allow them to reach their financial goals. Continue reading here.