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Credit card debt elimination programs have grown in popularity in recent months due to the circumstances of the current economy. If you are struggling to make payments on your debt or have a very large amount of debt, a credit card debt relief program could be something that could help you get out of debt in a reasonable amount of time.

There are three basic ways of consolidating your debt. The first being with a debt consolidation, the second is a credit counseling service and the third is debt settlement. Although you can consolidate your debt with a debt consolidation loan, it is not something that I recommend. Debt consolidation loans are normally secured with your home. And if for some reason you default on the loan there’s a good possibility that your house could be foreclosed. Getting rid of debt with more debt has never been a good idea. A loan is not going to be your best option to consolidated debt and should not be considered seriously.

If you need help getting out of debt, credit counseling is an ideal option because it will allow you to keep your credit record intact. Debt counseling is becoming more widely accepted by lenders as a method for paying off your debts. You will have to be able to make it 2% payment. This is what the lenders require for you to been rolled in the program. If you’re not able to make it 2% payment, there are other options that are better for you.

With credit counseling, you can be debt free in three to seven years. Once you are enrolled in a debt management plan, your lenders will deal with your credit counselor in are no longer allowed to make collection calls to you. Your interest rates will be reduced substantially and your fees will be eliminated during the repayment period. Your debts are consolidated and you’ll make one monthly payment to the credit counseling agency, which they will disburse to your creditors.

Debt settlement is another credit card debt eliminate program. This program works by reducing your credit card balances through negotiation with your lenders. Most lenders do not like to settle debts that are less than three months past-due. A settlement offer is usually made when the lender feels that they have no other way of being able to collect on the debt. Debt settlement can either be done by the cardholder or there are agencies that will also settle your debts, for a fee.

The big benefit to debt settlement is the amount of time it takes to pay off your debts–usually three years or less. The big disadvantage is what it does to your credit. It will be affected negatively through the use of debt settlement. Most people that choose to eliminate their debts with debt settlement already have several negative marks on her credit and their biggest concern is getting the debt paid off.

Are you wondering if credit card debt elimination programs could help you? Find out more about credit card debt elimination and how to reduce credit card debt.