This economic crisis has left families with losses. Maybe the family’s second income was lost, or now you’re responsible for an out of work family member. Maybe unemployment checks hardly cover food and utilities. Or have you lost all and joined the millions of American’s who know they are homeless while their home sits empty and vacant with a for sale sign on it and the debt collectors use up your cell phone minutes. What are your Debt consolidation alternatives?

Most American’s believe Bankruptcy is debt settlement. It is not! It is a “final” alternative too often mistakenly sold to American’s as the only solution. Certainly Chapter 11 or Chapter 13 can reduce debt.  Even eliminate it. It can also leave you unable to borrow, or obtain a mortgage for seven years or longer. Bankruptcy is a last resort.

One can settle debt outside the courts. You are an honest American who always paid your bills and your debtors may wish to help you continue to do so. Today lenders and bankers are starved for cash. Unresolved debt not only hurts you as the phone constantly rings, and the notices pile up, it is hurting our lending industry and our economy.

The factors that influence the amount of debt that can be settled include your age, your health, your income, your goals, and the amount of your debt. Today more than three million people seek the resolve of debt, settlement of debt, by contacting a licensed and bonded Credit Counseling Agency. Many are non profit organizations. Some Credit Counseling Agencies offer the services of attorneys. This service is vital should you be aging, facing disability or poor health; for an attorney can help you reduce your debt by more than one half.

And, you will eliminate the credit card companies’ outrageous late fees. As many of us have learned the hard way, one of the ways that credit card companies drive up your debt amount is by charging expensive late fees. A debt settlement erases and stops the late fees so that you can focus on the business of paying off your credit card debt. And, as mentioned above, you will avoid litigation and lawsuits by engaging in debt settlement.

Our leaders may discuss reducing our medical costs but many of us already hurt. If medical bills are crushing your family talk with Credit Counseling Services until you find one experienced in settling medical debt. Use discretion in finding a Credit Counseling Agency, check their license, years of experience, fees, and history with the Better Business Bureaus. Seek more than one opinion and know most Credit Counseling Agencies offer the initial analysis for free.

Believe it or not, lenders and banks are so desperate for cash right now that some debt settlement amounts total less than one half of what the person owes. That means that a $20,000 debt might be settled for only $10,000!

Read more on Debt Settlement – One Way To Pay Off Bills…