If you fall behind on one credit card, it can be an uphill struggle to catch up.When it reaches the point where you’re only making minimum payments on one or more of the bills, then it’s time to consider debt consolidation.

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Pros and cons to consolidating loans video

However, if there is a chance to weigh the advantages of debt management vs.

debt settlement, the safer choice is debt management.

With so many negatives attached to the outcome, many consumers wonder: Does debt settlement really work?

For people who feel helpless with their financial situation and don’t want to declare bankruptcy, debt settlement could be the short-term answer.

So if you are delinquent on several credit cards or bills (e.g.

cable, cell phone, medical, etc.), you will have to negotiate a settlement with each one before you are out of debt.

If you are overwhelmed by the sheer volume of bills arriving at your home every month, debt consolidation may be the debt-relief program you need, but only if you’re able to curb your enthusiasm for spending.

Credit cards are the source of most financial problems for consumers.

The average American family has 3.7 credit cards and owes ,762 in credit card debt.

Throw in bills for rent, cable, cell phone, utilities and on and on, and that’s a lot of accounting to keep up with every month.

Get Financial Help Now Debt settlement is negotiating with creditors to settle a debt for less than what is owed.