(ARA) - If you're struggling to get enough hours at your job to make ends meet, you're not alone. The unemployment rate in the United States is at 17 percent, according to the Bureau of Labor Statistics, which means the down economy is taxing consumer credit cards and spending. It won't take long for you to rack up credit card debt to pay groceries, gas, medical bills and business expenses.
Once that happens, you have serious decisions to make as to how you should pull yourself out of trouble.
How to dig out?There are several ways to try and get yourself out of trouble if you've run into problems with mounting debt.
* Bankruptcy
The Federal Trade Commission calls bankruptcy the "debt management option of last resort." Bankruptcy information - when you file and when you dig out - will stay on your credit report for 10 years and can make it hard to obtain credit, buy a home or even get a job.
* Credit counseling
A Consumer credit counseling program is a method to manage debt for people who can't make the minimum payments on their debt and have financial problems. Consumer credit counseling programs can take up to 6 years or more to pay off debt, and the debt isn't reduced at all when compared to a debt resolution program. You may also have to pay back all of the debt plus interest, and if you miss one payment you may be dropped from the program.
* Debt resolution
If your financial problems stem from too much debt or an inability to repay your debts, an effective way to settle your debt for less than the original balance is to enroll in a debt resolution program. A
debt resolution program, like the one from Debtmerica, may not only settle your unsecured debt by up to 60 percent of your balances, but it also may enable you to become debt-free from your enrolled accounts in as little as 12 to 36 months.
Debtmerica's program isn't a one-size-fits-all approach; the programs are custom-tailored to provide you with just one low monthly program payment. Plus you get the education you need to learn how to minimize creditor calls.
Typically in a debt resolution program your balances are negotiated down to about 50 percent less than what you owe. For example, through our debt resolution programs, if you owe $30,000 to your creditors, you may be able to reduce your debts by $15,000 or more.
In comparison, to get out of $30,000 of credit card debt by just making the minimum payments, it will take you more than 30 years and cost you nearly $100,000 to get it done. Credit counseling can take around 6 years and cost nearly $40,000.
With Debtmerica's 30 Second Savings Quote, you can find out whether Debtmerica's
debt resolution program is the quick, easy and hassle-free plan you need to get your finances turned around.
Sponsored content provided by Debtmerica. Copyright ARAnet, Inc.
