In the year 2009 the total amount of debt owed by United States citizens totaled almost $2.5 trillion dollars. This number breaks down to an average of around $8,000 of debt for every person in the country. Debt comes in many forms in the United States – from student loans to credit card debt and overdue medical bills, many American citizens suffer from the burden of personal debt. No matter how much debt you are in or what kind of debt it is, there are many debt settlement options that can help to pay off what you owe and get your finances back on track.

There are a variety of debt settlement companies that exist for the purpose of helping American citizens to get out of debt. These companies offer several options for debt relief including credit card debt consolidation, loan settlements, and bill consolidation. Could one of these programs benefit you? If you find yourself owing money to multiple credit card companies and are having trouble making your monthly payments, credit card debt consolidation may be the right debt settlement option for you to consider. By consolidating your credit card debt you will be able to reduce your number of monthly payments as well as your interest rate. By taking out a credit card debt consolidation loan you will enable your debt settlement company to pay your creditors for you – you will only make one monthly payment to your debt settlement company and you will never have to deal with your creditors ever again.

Loan consolidation is another debt settlement option and it may be the right program for you if you are struggling to repay multiple loans. From student loans to car loans to home loans, debt builds up fast and it is often difficult to make multiple payments each month to different loan companies. By consolidating your loans you can reduce your number of monthly payments to one and you will receive a lower, constant interest rate. In many cases, loan consolidations result in a reduction of the amount you owe by 40% to 60% and lowered interest rates help you to pay off your debt rather than merely cutting into your interest with each monthly payment.

A third debt settlement option is bill consolidation. By taking out a consolidation loan to pay your bills, you can pay off what you owe to multiple companies through a single monthly payment to your debt settlement company. This option often saves you money and relieves you from the hassle of collection calls and overdue notices. By utilizing any of these debt settlement options you can reduce the amount you owe and pay off your debt in a realistic amount of time. While you are making only one monthly payment instead of several, you will be able to save money which will help to prevent you from falling into debt in the future. If you need help getting your debt under control, consider one of the many debt settlement options available and get on your way to becoming debt-free.