Consumer Credit Card Debt On The Rise - Financial Experts Predict An Increase In Debt Settlement Deals In 2011

Online, February 17, 2011 (Newswire.com) - Several studies have shown that consumer credit card debt is on the rise yet once again. After the credit crises of 2008, consumers cut back credit card spending significantly but it appears they are racking up more debt now than ever. A major reason why credit card debt is on the rise is due to the increased interest rates that many consumers are being charged. With unemployment at very high levels and an uncertain economy, many financial experts are predicting an increase in debt settlement deals in 2011.

Debt settlement is a debt relief option that is only intended for individuals who are experiencing a legitimate financial hardship and are struggling to pay their bills. Unfortunately this is a growing segment of the American population. There are more consumers trapped in massive credit card debt balances than ever before. If you are struggling to only make the monthly minimum payment than a debt settlement can make financial sense. Making only the minimum payment with interest rates where they are currently can take forever to pay off the balance therefore many consumers attempt to negotiate with creditors to lower their overall balance.

Credit card companies and other creditors of unsecured debt are very concerned about the ever increasing rates of delinquent accounts. The last thing they want their debtors to do is file bankruptcy. They know that when you file bankruptcy they will likely receive little to none of their money back. Knowing this, if they believe you are a legitimate candidate for bankruptcy, they would be more than willing to negotiate and settle your debts for less. 50% of their money back is better than nothing.

Debt settlement is not the only option for credit card debt relief . There is also debt consolidation and credit counseling. It would be wise to speak with a debt relief specialist before making any decision for debt relief. They will be able to go over all your options free and offer non-biased suggestions on what option is best for you.

Check out the following link for free debt help from a certified debt relief specialist:

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