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Options for escaping overwhelming credit card debt

Credit card debt is a type of debt that can quickly spiral out of control. Washington readers may know how viscous the cycle of making minimum payments and accumulating interest on balances can be. Overwhelming credit card debt can lead a consumer to consider reaching out for help from a debt relief service. However, it is important to know all options before making a decision regarding professional help.

There may be a good reason to reconsider turning to debt relief services. One of the main reasons is that they may not be able to help people as advertised. In fact, many of these companies have faced citations for misleading customers by failing to provide them with advertised services. The Federal Trade Commission has levied several judgements against some of the largest debt relief companies.

Washington readers may be wondering where to turn when they cannot escape credit card debt. One option may include debt consolidation. While this can bring added fees, it may be a viable way to consolidate balances from several cards and get a lower interest rate. This can be a safer option than turning to a potentially dangerous debt relief service provider.

For anyone facing overwhelming credit card debt, it is possible that there is no feasible or realistic way to pay off these balances. When the situation becomes impossible, filing bankruptcy may be the most viable option for an individual to take. Before a bankruptcy application will be approved, it may be necessary to seek the services of a credit counseling service. Exploring all options before making a final decision could significantly increase an individuals chances of getting his or her finances in order.

Source: Recordnet.com, Debt-relief firms have dubious record, Anya Kamenetz, Feb. 2, 2014

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