|By Marketwire .||
|September 11, 2012 08:33 PM EDT||
SAN FRANCISCO, CA -- (Marketwire) -- 09/11/12 -- Credit card debt consolidation and debt relief programs continue to be popular today with Americans in continued wake of the new economic reality. How to apply for these programs? Read on.
The U.S. unemployment rate remains stubbornly high. Yet those with jobs aren't seeing much in the way of pay raises. Amid sluggish economic growth, wages simply aren't rising the way they have in past eras. These income and employment issues are just one of many reasons why consumers today are turning to debt relief and debt consolidation programs en masse.
Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. A person's financial situation doesn't have to go from bad to worse. Professional help with debt is available.
Credit Counseling - Many credit counseling organizations are nonprofit and work with consumers to solve their financial problems. Most credit counselors offer services through local offices, online, or by phone. Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops.
Debt Management Plans - A debt management plan differs from credit counseling. In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors.
Debt Settlement - Also known as debt arbitration, debt settlement is the process of offering a one-time payment toward an existing balance in return for the forgiveness of the remaining debt. For example, someone who owes $10,000 in credit card debt may have a debt agency approach their credit card company and offer a one-time payment of $6,000. In return for this one-time payment, the creditor agrees to forgive or erase the remaining $4,000.
National Debt Relief Program offers a free debt analysis which can be taken advantage of at their website:
National Debt Relief Program