In the past year, as unemployment has increased to the present 9.
9% and many running out of unemployment benefits, more and more consumers find themselves in the position of not being able to pay their house payment and credit card debt that they cannot service.
On top of this, credit card companies have been increasing rates on their cards, which has further squeezed the already battered consumer.
This has spawned a new industry dedicated to debt relief.
There is quite a variation on what they offer and actually deliver.
The majority specializes in unsecured debt, typically credit cards.
Although it varies according to state law, it is good to know that help is available and the good companies will help you reduce, get rid of or consolidate debt for a good price.
As with anything else there are companies that just promise while other actually deliver It is not suggested that you begin this process if you owe less than $10,000 in unsecured debt.
This process totally legal and is run under the supervision of the state and federal governments.
This method is more advantageous than other methods.
Going it alone is not recommended since most of us are not well versed in the particular state and federal laws.
Furthermore, these companies have abundant experience in negotiating with credit card companies and banks, something which most of us lack.
Financial companies also will deal differently with these debt reduction companies than they would with an common individual.
Its like having a little leaguer playing in the majors.
As with anything else research is important and I have done extensive reviews on my we site based on stringent criteria of these companies.