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Credit Card Debt Problem: What Debt Relief Solutions Are Best For You?

I read today that over 14% of the people living in the U.S. have ten or more credit cards. That is amazing! Who needs 10 credit cards? And more to the point, what are the consequences of so much easy credit floating around the average American household?

I’ll tell you what the result is – a huge credit card debt problem and a dire need for effective debt relief solutions.

Too many of us have abused the use of our credit cards to our own detriment. Adding to the problem is that the credit card companies have figured out that the more cards they give us, the more money they make. The amount of people who struggle to pay them back keeps growing but unfortunately (and ironically), so do the credit card companies bottom line profits.

To many people, their credit card debt problem has become a fact of life. No longer is it so shameful to be in debt, practically everybody is. It’s proof of our desire to spend money and consume things, lots and lots of things. Given that all those things cost money, we find ourselves in debt, lots and lots of debt.

So how much debt do you have? Or put another way – What’s Your Debt Rank? and based on that, What Debt Relief Solutions Are Best For You?

The Private:
You love your credit cards and you use them for everything from gas to groceries. They allow you the freedom to buy whatever you need without having to find the elusive ATM machines that lurk in the nooks and crannies of our cities and towns. You carry several cards around but you definitely have a favorite one that allows you to rack up those frequent flyer miles for your occasional weekend getaways.

While you carry a balance and are officially “in debt”, you are able to pay off a substantial chunk of your monthly bill above and beyond the minimum payment which keeps your finances in check. You know that so long as things continue along as normal, you will not let your debt get out of hand.

This is all well and good but you may want to get help before something goes wrong and your debt becomes a bigger problem than it is now. What if you lost your job unexpectedly? You may want to learn about the credit consolidation services of a debt management company.

The Sergeant:
You need your credit cards because they allow you to pay for all your day to day essentials and buy some extra things you may not need but you want. You are different than the Private because some of the things you buy stretch your budget beyond what you can really afford. Your monthly credit card bills are steadily rising because your income cannot grow as fast as your appetite for the things you buy. You keep telling yourself, “next month I will cut back” or “I expect a job promotion soon so it’s ok.”

The reality is that your balance is growing as is your inability to make the minimum payments due. The debt spiral has begun and barring a change in your circumstances or behavior, you are on your way to becoming a General.

Your situation puts you on the cusp of 2 possible debt relief solutions. You may be able to get by with a debt management program along with the Privates (see above), however, you may not be far away from needing to consider debt settlement help.

The General
You have spent beyond your means which has resulted in tremendous credit card debt and only a miracle financial windfall will save you. Maybe you love purchasing things so much so that you cannot seem to pass by a cash register without giving it a little love (in the form of money) or maybe you have fallen on very unfortunate circumstances beyond your control. Medical emergencies often play a role in such circumstances or possibly a sudden loss of income. Whatever the case may be, you need a serious debt relief solution. Your choices may be limited to a debt settlement process or bankruptcy as with such a tremendous amount of debt, only these drastic measures can get you out of the situation you are in.

So if you are you a Sergeant or a General…

There are debt relief companies that can help you clean up your financial problem with a variety of credit card debt relief solutions that can be tailored to fit your financial situation and your needs. If you are not yet ready to seek help, that’s ok, but just remember, you are not alone and good help is available when you need it.