America is swimming in debt.
And it is not just the government.
Families are also deep in debt.
There are approximately 54 million American households with credit card debt (2010 estimate).
And the average amount of that debt is just over $16,000 per household.
Bankruptcy filings are currently running about 6,000 per day.
If you are in this kind of situation you know how stressful it can be.
But there are credit card debt solutions other than bankruptcy.
You could attempt the debt roll-up strategy.
This is accomplished by paying the minimum on all debts and sending as much extra to one debt at a time as you can afford.
This is a great way to go because you are in control of your financial destiny.
You pay your debts off quickly but retain the ability to adjust your payments based on how much you can afford month to month.
But this is nearly impossible to do if you are already drowning in debt and do not have the income to pull it off.
Also, it should be pointed out that banks have been raising interest rates recently, as well as raising the minimum monthly payments that they require, making this method much more difficult to do.
Credit card debt solutions are never easy.
Another of the credit card debt solutions available to consumers is the debt consolidation strategy.
This is another method which almost always ends in failure.
The bottom line here is that it is almost impossible to "borrow" your way out of debt.
If you are already in financial trouble it is unlikely that you will be able to qualify for a consolidation loan anyway.
You might consider using the equity in your home, if you have any, to pay off your card debt but you better be well disciplined or this to will fail.
Your credit card debt is gone but you are at a greater risk of losing your home and your mailbox will be filled with new credit card offers.
Beware! Credit counseling is an option but 75% of people in such programs fail to reach their goal.
These agencies really work for the banks ultimately and you are not in control of your own destiny.
You could hire a debt settlement company but you will pay a very high fee for their services, consumer complaints against these companies are very common, and again, a 75% failure rate.
Last but not least of the credit card debt solutions is the do-it-yourself debt settlement approach.
You control your own destiny but you probably do not have the knowledge or the expertise to pull it off.
Even if you purchase a do-it-yourself course, the complexities and nuances of the processes may be overwhelming.
So, most credit card debt solutions end in a high percentage of failures, but fear not! There is a hybrid approach that works well if you are committed and puts you in control; debt settlement coaching.
For a small investment, when compared to what a debt settlement company will charge, you can take a complete do-it-yourself seminar course and get coaching from an expert to guide you through the maze, review your documents and give you the support you need to get it done.