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Two thirds of American citizens own one or more credit cards and many citizens are suffering from credit card debt. Collectively, Americans owe credit card companies a whopping $917 billion and $69 billion of that amount is past due. While many Americans use their credit cards sparingly and pay off their balances each month, others rely on their line of credit to pay their bills and, as a result, accrue an ever-increasing amount of debt. A recent Consumer Reports study states that almost one third of Americans carry a credit card balance over $10,000, an amount that grows every day due to high interest rates and the inability to pay off principle.

For many Americans, credit card debt relief seems impossible. Even if they are able to make their monthly payments, credit card users are not able to make a big enough dent in their credit card debt to be able to anticipate freedom from debt anytime soon. Help exists, however, in the form of debt consolidation and credit card debt relief companies that work with consumers and their creditors to get debt under control. Many customers of debt relief companies opt for credit card debt consolidation which removes the hassle of having to make many separate monthly payments and allows individuals to make one payment each month which is often lower than what they had previously been paying.

Credit card debt relief through debt consolidation helps families to stop wasting money by making multiple high monthly payments. Once a credit card balance passes a certain point, it often seems that a major portion of each monthly payment goes toward interest and the principle balance does not get any lower. By consolidating credit card debt, however, consumers can lower interest rates and make one payment each month that will help them to actually eliminate their debt in a shorter amount of time. There is also the added bonus that the debt settlement company will pay the customers creditors for him so that he never has to deal with them again!