Credit Card Debt Relief - How Stimulus Money Has Created a Very Advantageous Market

Sept. 28, 2009 - PRLog -- The state of the economy has left millions of people facing financial problems that have become difficult, almost impossible, to get out of. A lot of companies have closed down, leaving many people out of jobs and unable to support their families. Some, luckier than the others, still have jobs but have taken substantial pay cuts. Everywhere, people are talking of how the economic downturn has negatively affected the Americans' finances. There is, however, a silver lining to the dark cloud that is the recession and most people know of it as debt relief. The recession, despite being all but bad for the ordinary citizen, has somehow made the market very favorable for individuals who are looking to settle their debt through the various methods of debt relief available.

Most Americans today are dealing with two types of debt - secured and unsecured debt. Settlements, such as those that qualify as a method for debt relief, only apply to unsecured debt - debt incurred through medical bills, store cards, and credit cards. Individuals who have a total balance of more than 10,000 US dollars can go into a settlement and, provided the creditor agrees, reduce his amount owed by up to 50%.

The federal government has made this option more accessible to interested individuals through its stimulus packages. One of the most significant deeds that was enacted was the government's handing out of stimulus money to the large corporations and other financial institutions who were largely affected by the economic instability. This act, while initially seen and assessed as something helpful only to the larger corporations who were the direct recipients of the stimulus funds, has indirectly created a very advantageous market for people who want to negotiate a debt settlement as a form of debt relief with their creditors. This is largely due to the fact that most of the credit companies, most of which directly benefited from the stimulus, are trying to mitigate their losses using the funds they have received from the government. These companies have, because of the current economic situation, become more liable to agreeing to generous settlements with their clients.

The outcome of such a negotiation varies, and not everyone who attempts a settlement can get one. As a consumer in debt, one should at study all available options and then start on a debt relief program that is most suited to his personal financial situation.

If you want to find the top performing debt settlement companies then here's some very important advice. Do Not go directly to a particular debt settlement company but instead go to a debt relief network that is affiliated with several established debt settlement companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company.

# # #

FreeDebtSettlementAdvice.com works to connect consumers that suffer from credit card debt with the correct debt consultant in the industry reducing debt up to 60%.

To find a debt consultant for free check out:

http://www.freedebtsettlementadvice.com