It is estimated the average US household has $19,000 in non-mortgage debt, with such a debt load it is no wonder more people are looking for debt relief everyday. The most common form of consumer debt is credit card debt, payday loans, and other consumer finance, which are often at higher interest rates than long term secured loans, such as mortgages. The interest rate charged depends on a range of factors, including the economic climate, perceived ability of the customer to repay, competitive pressures from other lenders, and the inherent structure and security of the credit product. Rates generally range from 0.25% above base-rate, to well into double figures. Consumer debt can be associated with Predatory lending, although there is much debate as to what exactly constitutes predatory lending. 

The failing US real estate market and economy make this a reality for most. Bad economies produce job cuts, lay-offs,bankruptcies, foreclosures etc.. This phenomenon we called economy will always have a direct impact on people's lives and their quest to live debt free. When we have a strong economy our purchasing power increases, the opposite happens when it fails.

We all know when our household's economy is failing, no one has to tell us. We all feel the anguish when we have bills sitting on the kitchen table and not knowing if we will be able to fulfill them. Many of us choose to ignore the fact that we have fallen behind on our bills, this strategy is not going to work if we want to become debt free. Looking for the qualified help in certain situations is the first step to take, if we have a cold we seek a doctor, if we are having financial difficulties we seek financial advise.

What kind of advise should we look for? Depending what kind of debt we are holding and if any payments have been missed or not is the key to our question. Usually the most traditional method has been debt consolidation. Other methods that have come along are debt settlement and interest reduction. Every one of these methods has a time and a place to be acted upon.

Whatever our needs are there are qualified professionals waiting to help us. The holidays are over and it is time to start thinking about a healthier economy, our economy. Some of us may have to cut up the existing credit cards we know own and maybe even take drastic measures to bring back our economy back into good shape. Some of these alternatives are taking out a second mortgage on our houses, cashing in our pensions, stocks, bonds, etc..

The most important idea is to start anew, refreshed to make 2008 the year we became debt free again and stayed away for ever from ruining our lives again. This new year lets make a promise to put our well earned money back in our pockets and not someone elses'.

Eric Gartle has worked in the debt settlement industry for the last 10 years and has vast experience negotiating personal as well as business debt. For more information please visit http://www.pemperandgartle.com