With the average American household owing between thousands in debt, it's not surprising that thousands of people throughout the US are in need of debt relief. Debt relief encompasses a number of legally controlled solutions to reduce or eliminate debt. Each of these debt relief options comes with its own set of requirements and consequences which should not be taken lightly. If you are in need of debt relief, you are advised to be as informed as possible about your debt relief options before you take action. This article will offer some tips on how to choose the right debt relief option for your situation.

The first thing to do is educate yourself about debt relief options. The internet is a rich source of information that offers many articles about debt relief options.

You should also write down everything pertaining to your financial situation. Make note of exactly how much debt you have, and how much income you receive. Also, write down what types of debt you have. Are they unsecured debts, such as credit card debt, or secured debts, like a mortgage?

You should make a list of your valuable assets to see if any of them qualify as a collateral, which certain debt relief options require. Also, take a hard look at your monthly expenses and balance them against your income. With this information, you can estimate how much you can realistically afford to pay each month if your chosen debt relief option includes a monthly payment plan.

You can now schedule an appointment with a professional who can inform you about debt relief options and counsel you about your financial situation. Credit counseling agencies offer these services but do not offer representation. Your best choice is to schedule an appointment with a debt relief lawyer to discuss your debt relief options.

A qualified debt relief lawyer will know both federal and state laws for your state. He or she can analyze your legal and financial situation and explain to you what your debt relief options are. A debt relief lawyer will explain the difference between secured and unsecured debt, as well as the procedures necessary for each of the debt relief options. He or she will inform you about how the different debt relief options will affect you financially, legally and personally. From the relatively quick process of debt settlement to the drastic measure of declaring bankruptcy, a debt relief lawyer is the designated person to correctly inform you about your debt relief options. If it is clear that your situation requires urgent attention, a debt relief lawyer can take immediate action to help you.