Debt management is a huge topic for many Americans after the most recent economic downturn. As of April 2014, the average credit card debt in an American household is $15,919. This represents a large obstacle for many individuals and families attempting to manage their debt.
A recent US News article gives some debt management tips. It asks consumers to stop charging and do a household budget. It also goes into other ideas, such as paying more than the minimum balance and consider transferring credit card balances to lower interest cards. Finally the last tip simply says find a way to earn more money.
Well, unfortunately many Americans need more practical solutions rather than pay more to your creditors and earn more money. These Americans in the real world should consider adding debt settlement to the debt management plan. Debt settlement performed by a qualified debt settlement attorney often results in a large reduction in the principal balance owed on a debt. Paying back a fraction of what is owed allows the consumer to get out of debt faster and keep more money in their pocket!
Author: Kevin Fallon McCarthy