Debt

Debt doesn't have to be your nemesis. Of course, it's not your friend either. But these days, there's lots of debt help available.

Debt

Is your debt eating you alive? Stop being afraid! There is something you can do about it.

Get Help

These days it's easier than ever to get debt help. In the past, consumers weren't so lucky. Even just 30 years ago, the only way to get out of debt was to file for bankruptcy. That basically erases all your debt, but it leaves a scar on your credit report for seven to 10 years. Eventually, there were companies that would give credit to people with bankruptcy on their credit reports, which made bankruptcy less of a deterrent for some. In fact, there are people who have filed for bankruptcy many times.

To get the number of people filing for bankruptcy (or taking advantage of bankruptcy) under control, Congress passed a law in 2005 requiring anyone who's filing for bankruptcy to go through a debt management like debt consolidation or debt settlement first. This is a ringing endorsement for the debt management industry. Most debt management programs can get you out of debt in about five years, which is an honest way to deal with your debts, unlike habitually filing for bankruptcy. If you really must file for bankruptcy, then that's how it is. But it should be a last resort when nothing else has worked. And if you think five years is a long time to get out of debt, consider this: The average American owes $9,300 in credit card debt. At an average interest rate of 14%, it will take about 13 years or more to get that debt paid off. And most of us pay far more than 14% in credit card interest, particularly if that interest is on department store credit cards. This is what makes debt relief (that functions by getting huge reductions in interest rate, by the way) a better option.

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