Unfortunately, credit card debt is at an all time high and more people than ever are seeking debt management consolidation for their credit card accounts. In past years, it was very easy to get credit and many people took advantage of that. Now that the economy has changed and some of these people are finding themselves dealing with a large amount of consumer debt.

For people in this situation, there are options for debt relief. If you feel your situation is manageable without the help of a debt consolidation plan, The Debt Diet is a good place to start. This plan was first introduced on the Oprah Winfrey show and outlines an aggressive plan for paying off your debt without the use of a debt consolidation service. This plan involves living on a budget, finding extra money to pay towards your debts, negotiating reduced interest rates and learning to save for the future.

However, many people have fallen behind on payments and this requires a different solution for getting out of debt. Credit counseling is one option. This is done through a service that will consolidate your unsecured debts and allow you to make one payment that your debt counseling service will disburse to your creditors.

Your interest rates will be reduced and possibly eliminated, your fees will be waived and collection calls will be handled by your debt counseling company. This is great option if you are struggling with payments, but are able to make a minimum payment. Your accounts will be closed and your charging will stop.

Debt settlement is a third solution for debt relief. This is a good solution if you have a large amount of debt or if your accounts are more than six months delinquent. This debt elimination method consists of the balances on your credit accounts being reduced through negotiation with the lender. This option can save you as much as 50 percent on your balances. If your debt is high, this method will help you pay your debt off more quickly. Debt settlement usually has people debt free in 3 years or less.

Bankruptcy is a last resort for getting out of debt. The laws are a lot stricter than they have been in the past and a bankruptcy can stay on your credit report for up to ten years. If at all possible, other debt relief options should be considered first.

If you realize you are having financial difficulties, you will have more options if you ask for help early. Delaying getting debt help only limits the choices you will have for financial recovery.