The world has been hit by the recession badly.
The economy of the world has been disturbed a lot.
Many industries have got hurt due to these severe economic instabilities.
There are no further job opportunities for the people and those who are still employed are facing pay cuts.
Downsizing can been everywhere.
People do not have enough money to meet their expenses due to which they have got heavy debts to pay.
For this purpose, the FTC has come up with new settlement options.
The most common and famous relief options are Credit Card Consolidation and the Debt Settlement program.
These two options are very popular among the consumers and they have their importance.
Credit Card Consolidation is usually suitable for those people who have credit cards with high interest rates.
Whenever you opt for this option, your credit cards are totally paid off and then you would be paying back the consolidation firm its fee through the secured loans.
So we can simply say that you are paying back your high interest loan through lower interest loans and you would have to use your secured assets such as your house etc in order to pay back your debts.
This relief option can be a great way to payback your debts and it also helps you to improve your credit score.
Now when it comes to the Debt Settlement relief option, one can payback the loans easily via this relief option.
Its procedure is quite simple and you just have to hire a professional settlement agency for negotiating with the lender.
The agency would deal with the creditors on your behalf.
This agency would get you a reduction of 60 to 70 %.
Then you can pay the remaining amount as per your desire.
Credit Card Consolidation and Debt Settlement can help the consumers to eliminate the debts but in my opinion debt settlement is a more beneficial relief option because by opting for this option one does not have to put his secured assets on stake.
One can easily pay the debt and come clean in the end of the day and can secure his financial career.