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There are times when you might end up facing credit card debt. no one would want to think that this can happen to them, but you must face reality when it does happen. It can happen at any given time and when it does happen you need to know what to do to fight it off.

There are several debt relief options out there which you can use to get out of the rut. The basic concept would be to go for the easiest option to get out of the mess as soon as possible with least long term consequences. There is no need to fret and waste your time over that which cannot be changed.

The first recourse would be debt renegotiation. Here, you would contact the creditor and try and get a new debt settlement agreement chalked out. This can involved new terms such as a new interest rate, a new debt amount itself or at times a latent period during which you would not have to pay anything. But in order to get a renegotiation, you need to provide sufficient proof that you are capable of sticking to the new terms and conditions. The creditor needs to have some incentive to accept your renegotiation. You could also hire a bankruptcy lawyer in order to help you out. But in most cases the creditor would be most willing to go by your terms given that they simply do not have the resources to go after you to get the money back.

Another option would be to go for debt consolidation. Here, you would require the services of a debt consolidation agency. The consolidation agency would transact with all your creditors and pay them all your outstanding balances. And then once all your debts are cleared, the debt consolidation agency will create a new debt account for you to clear. This way you do not have to deal with the hassle of checking each and every credit account that you have to sort out your debts. Having just one credit account to pay off is much easier than having to look into several different independent accounts with different terms and conditions. Some might expire earlier or some might increase their interest rate all of a sudden, these sort of problems will not be faced when you deal with a single account.

The last option would be to go for debt settlement. This is a good option if you have the full amount in hand to settle all your debts at one time. This way you would not have to pay a huge amount in the form of interest since you will be settling the whole amount in one go. Most creditors will accept this deal since they will just want to get the amount owed and be done with it rather than have to go behind you to collect the amount due. Debt recovery is a very time consuming and painful process which is full of legal complications and expenses.