What is the best way to overcome credit card debt problem? There are many reasons why the debt problem may arise. It may occur because of loss of job. Or, it may occur because of a sudden burden on your savings. Or, you may have been irresponsible with your card and may be paying the price for the same. It is one thing to be critical. However, one thing that the recession has taught us is that the holder of the credit card cannot be underestimated.

If a large number of credit card holders opt for bankruptcy, even the card issuer will face bankruptcy. This is exactly what has happened in this recession. The government had to step in and provide relief. However, credit card issuers were quick to identify that their profits would increase only if the financial life of those who use their cards was steady and stable.

The fact that card issuers have made use of debt settlement to pass on the benefits is not very surprising. Debt consolidation is something that provides cosmetic changes to the debt problems. It is impossible to enjoy actual debt relief if you opt for consolidation other such remedies. On the other hand, any other form of debt relief would be too new to be utilized in such a drastic situation.

That is the reason why service providers have opted for debt settlement. Despite popular perception to the contrary, debt settlement is a very common debt relief option. Nations have been using this relief option for the past few centuries. Settlement has been the norm after every major war. Every time a country has overstretched its finances, it has gone in for a settlement.

Credit card issuers simply started offering debt relief measures to their customers. You could obtain a 70% waiver and an installment facility to repay the balance 30%. This was the best service providers were prepared to offer those who owed more than $10,000. If you have not repaid your debts on time for the past few months and if your interest rate is rising rapidly, you should definitely think of a settlement.

Do not hesitate to walk up to your service provider and talk of the possibility of a settlement. However, always keep in mind that you cannot take a break or delay the implementation of the solution once the initial discussion for debt relief takes place.

If you are over $10k in unsecured debt it would be financially prudent for you to consider a debt settlement. There are organizations that exist called "Free Debt Relief Networks" that are a great place to start in locating legitimate debt settlement companies in your region. They provide free debt help and know where to locate the top performing debt settlement firms. To get free debt help check out the link below:Free Debt Advice