David Kirkpatrick

October 20, 2009

Get out from under debt

Household debt is an issue in the United States, and in the current economic climate and level of unemployment it is crippling for many people.

Check out the trend line on this chart of household debt from the beginning of 1953 to the middle of this year:

US household credit market outstanding debt

US household credit market outstanding debt

Once you’re underwater it is very easy to lose control of the situation and if you’re unemployed, or you are using credit to cover bills and basic necessities, debt can take over your personal financial situation. Once you reach that point your options become somewhat limited. The most drastic step is personal bankruptcy, but there are drawbacks to that approach and personal bankruptcy underwent significant reform in 2005 making personal  bankruptcy a much more difficult process. Other choices include credit counseling and debt settlement.

If personal debt gets beyond your control, of the three options listed above seeking professional debt settlement help is the best for most people. You don’t need to repair your credit. What you do need is to reduce your personal debt to a manageable amount, get that debt paid off as quickly as possible and move forward with your personal finances.

From the link:

Debt Settlement is process and approach to becoming free of unsecured debts. The goal of a debt settlement program is to find the best solution to lower your debts, help you deal with your creditors, and get you on the road to financial freedom.


A debt settlement program can help you be free of unsecured debts in as little as 2-3 years for a fraction of your original owed amount. Even better than simply saving money is that once the settlement payment is made, your accounts will be satisfied – meaning you no longer have any of your original debt outstanding.

Hit the above link for the six steps to debt reduction.

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