Given today’s economy and the near reckless way that credit card company’s hand out cards, it comes as no surprise that millions of people and families in America are finding themselves sinking into large amounts of credit card debt.  Slowly over time they find that most of their money is going to keep them afloat.  Without a solution, the problem is never going to go away.

Fortunately, there are various solutions available, with varying degrees of success, depending on the individual debt situation of the person that is in need of debt relief.

Debt Consolidation is one.  This is a program where a person that is struggling with debt takes out a new loan to pay off multiple existing loans. This results in a single monthly payment that is less than the sum of the multiple loan payments prior.

Debt Settlement is another.  This is a program where a person that is having a hard time keeping up with their debt will have a debt settlement firm negotiate with the creditor on their behalf.  Through debt settlement, a person is able to achieve massive debt elimination of up to 50 percent in some cases. And with debt settlement, there is no taking out of new loans.

There are other forms of debt relief available, such as bankruptcy; but of the options, debt consolidation and debt settlement are the two best.