With the downturn of the United States economy over the last few years, many American have become buried in debt and many do not know how to keep themselves from sinking to the bottom. Many families are deep in debt and feel like there is nothing to do to save themselves from the bottomless pit of money problems. This is where they are wrong. There are several debt relief options out there. They just need to sift through all of the debt relief programs to find one that is best for their particular situation.

Often a preferred consumer debt solution, credit counseling is available via a number of outlets. Participating in this service allows you to get help from finance professional that can help you come up with a plan that will get your family back on track, and help to remove the ominous debt that is weighing you down everyday. They can do several things for you which include talking on your behalf to your creditors to work out some type of solution to erase debt for you.

Some financial professionals, including attorneys and credit counselors can help you with a debt settlement and often they can offer debt negotiation advice. This can be especially helpful for credit card debt that you have fallen behind on.  Professionals acting as debt negotiators can help you settle the debt for less than what you owe. Loan consolidations may also be helpful for credit card debt, since these can oftentimes be obtained at lower interest rates than those credit cards.

Debt settlement and loan consolidations can also be helpful debt relief options for taxpayers who find that they have a much larger tax bill than they anticipated. While dealing with the IRS can sometimes be scary, most of the times they are much more helpful than other types of debt collectors. They will often try to work with your situation first to help you pay off your debt in a way that will work for you. But if that doesn’t work, then the previously discussed debt management options may be better.

If you happen to be much further in debt and these debt relief options only help in a miniscule way, bankruptcy may be an option for you – though not a preferred one if you can help it. There are many ways to figure out just how to get out of debt.  Before opting for this, speak with a professional first to see if there is any other possible way to pay back your debts. Bankruptcy is a serious decision and should not be made lightly. Many times, one will lose every piece of property they own when going through these proceedings, so it’s better to try to clear debt first any way you can before thinking about any bankruptcy related options. Keep in mind neither tax liabilities nor child or spousal support can be diminished by filing bankruptcy.