There are several debt reduction services that are designed to reduce the amount owed on loans, medical bills and credit cards. Many Americans spend vastly more than they earn. Unless this problem is tackled with a debt elimination program, financial difficulties can continue indefinitely with serious ramifications for personal health and mental well-being.
The May 2009 U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery", said that revolving consumer debt amounted to $950 billion in the fourth quarter of 2008. A total of 13.9% of all disposable income went towards servicing debt. It is important to remember that this figure is only an average and fails to take into account the millions of U.S. citizens who don't owe any money.
Debt Reduction Services
It is possible to reduce a debt-to-income ratio with a debt settlement program, Debt Management Plan or by declaring personal bankruptcy under chapter 7 or 13. Whilst paying off debt can take years to achieve, continuing to make interest payments on credit card debt is not sensible due to the absence of a defined term. A debt elimination program will have negative repercussions for personal FICO credit scores.
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