The National Foundation for Credit Counseling conducted a recent poll finding Americans are more embarrassed about credit card debt than weight and age. High lingering credit card balances continue to be a burden for many Americans.
In this recent ABC News article, excessive credit card debt is shown to be a warning sign of impending financial collapse. The article gives steps to reducing credit card debt such as asking for lower interests rates, using savings accounts to pay off debt in full, and paying high interest rate cards first.
However, many consumers simply cannot keep up with the minimum payments and need another solution. Debt settlement performed by a qualified lawyer is an answer. Debt settlement done by a law firm can result in significant balance reductions on the principal balances of credit cards. This means the consumer pays back less than what the creditor claims due. For consumers in serious credit card debt, contact a qualified debt settlement attorney and learn more about debt settlement rather than simply paying back 100% of what the creditor claims due.