After decades of global growth, the world watched in horror as financial institutions collapsed in the US.
The crisis slowly spread across to other geographical regions of the world.
This had a devastating effect on the world wide banking system, stock markets, pension funds and individual net worth went down.
In an effort to restore fiscal stability and credibility of the banks government took special steps by giving financial packages to the banks and other financial institutions to normalize the financial sector which would pass on to the everyday man and reduce his credit card debt.
The market saw staggering amount of credit card debts which individuals were facing and unable to pay.
Collection efforts by the credit card companies were at an all time high which was increasing the overall cost of the company.
Individuals have been focusing on the fact of reducing there debt or completely coming out of the situation.
Due to the stimulus package the companies are focusing to help investors to come out of the debt situation and in worst case scenarios to even write them off.
Today an aware investor would go to his creditor and try to negotiate an effective rate of interest which would be beneficial to the company as well as to the investors.
The credit card companies in an effort to recover the basic cost invested in the market are ready for such negotiations.
There are many individuals who would not be able to negotiate their own case should approach the debt settlement companies to reduce their credit card debt and bring down their interest rate and overall amount to be paid back to the credit card companies.
Effective rate of negotiation can be arrived only if the debt settlement company is good.
So the top priority to reduce one's credit card debts is to locate a good debt settlement company.
The debt relief network is an effective forum for consumers as well as for the settlement companies.
All debt settlement companies cannot be a part of it, to be a part of such network the company has to be credible and must have a good track record of negotiation and debt elimination.
There are some basic standard and test under which the company needs to pass and get an approval.
By going through this network the consumer would effectively land with the company which would help them reduce at least 60 % of the credit card debt they are facing currently.