What You Should Know About Free Credit Card Debt Relief

Do you have credit card debt? Are you looking for free credit card debt relief? It seems like most people are. But you must understand that it is only going to be FREE, if you do it yourself and it can be done, but it takes a plan and a lot of discipline. And unfortunately, not everyone can become debt free without some outside help.

Consumer credit counseling agencies are a great option if you need direction in your quest for debt freedom. They are not free, but they are inexpensive if you find the right one, they will charge a small setup fee (around $50) and a monthly fee that ranges from $30-$50. Now, let's look at a real life example.

If you have $10,000 in debt that has an interest rate of 19.9% and a minimum payment of $200 and you make only the minimum payment, this debt will be paid off in 107 months. That is 1 month short of 9 years. To state it more bluntly, you will have paid back $21,400 before this debt is paid in full.

Now, if you enroll this same credit card account in a debt management program and your interest rate is reduced to 9.9% (many times this number will be lower), with the same minimum payment, you will have the account paid off in 65 months. So, with a $50 setup and $50 per month that the debt management company charges, you are paying $16,300 before you are debt free.

While credit counseling may not be free, it just saved you $4,100 and 42 months. And credit counseling will not ruin your credit the way debt settlement and bankruptcy can. If you are struggling with credit card debt, you should consider talking to a debt management company. They can give you a quote and you are not obligated to use them, but this is a good option for being debt free in five years. Free credit card debt relief is the ideal way to get out of debt, but it is not the only way.