Statistics show that a big population of consumers who are enrolled in a debt relief program are not successful in eliminating debt in their targeted period. And most of those who fail are those who attempt to go through the process without any professional help.

The theory behind the failure of the programs for those who goes through the process without professional help is quite simple. It is not uncommon for a borrower to be able to get granted a discount on his debt. However, he is usually stuck with monthly payments that he may still not be able to afford.

It is undeniable that most people who are deep in debt are usually experiencing grave financial crisis. For consumers with overwhelming debt problems, it is almost impossible to increase income to meet monthly expenses let alone paying monthly debt installments. The only way to get some breathing room is to reduce expenses way below one’s income, which is again not only difficult but quite impossible.

Most debt relief programs do not take into account everything that is involved in your finances. Their programs usually involve just calculating the income-debt ratio without really incorporating your monthly expenses into the equation. In the end, these programs do not prove to be of any help at all.

But there have been successful debt relief programs that have worked for many. The program with the most success rate is a credit card debt negotiation. It would be in your best interest, though, to hire professional help for the success of such a program since it requires hard ball negotiations.

The process of debt settlement goes this way: within 2-3 years, you will be setting aside funds each month (this usually is not a fixed amount) that will be directed into an escrow account. Once the total escrow fund has reached 40-50% of what you originally owed, the funds will be dispersed to each of your creditors and your debt will then be considered legally paid. Most banks, though, do not accommodate negotiations with their clients. They would like it better if you hired a professional company to do the negotiations on your behalf.

In addition, reputable debt settlement companies are seasoned expert negotiators who are capable of reducing the amount of the principal of the loan. And it is very possible that they also get all the other financial charges reduced or even waived. In the process, not only do you reduce your debt in half, after all the calculations, your debt would have been easily reduced to 60 or 75% of your outstanding balance. If you negotiate on your own, it might not be possible that you get the same results.

The biggest difference between this method and other debt relief programs is that the borrower is not required to pay a fixed monthly fee. This flexibility factor of a credit card debt settlement can mean all the difference in the world in the success of your quest to be debt free in the earliest possible time.

Hiring a professional company to do credit card debt negotiation for you comes with a very reasonable price. Generally, their service fees range from $50-$60 a month until your debt has been totally paid off. And their services come with professional debt counseling. This will come in very handy as you would need help and solid advice as to how to fix your credit score in the process.