Do you happen to have a ton of debt? Welcome to the club
. Most Americans today in America have some form of credit card debt, rather in some form or another. The recession has caused many problems for quite a few people due to the fact that money is getting hard to make due to unemployment.
The bailout package is introduced by the Government of the United States in times of excessive economic recession by President Barack Obama. This has sparked many people to call their creditors and settle for 50% - 60% off of what they owe to their credit company.
You can settle your debt through non profit debt settlement companies. What these companies do is that they work with both creditors and debtors to work out a settlement amount that is easily manageable by you and accepted by the credit card companies. In that way credit card companies get at least some amount which they won't receive at all without the settlement.
By taking control of your past due balances you are slowly gaining control over your life and your lifestyle. Being in debt is not fun, but many non profit companies can help take you step by step down the road to financial freedom. Just be sure you follow their advice to get out of debt as fast as possible.
Contact your local finance office or debtors' office to gain more info on it. They will be able to further guide you on what the process entails. Many of the places are government funded and they can help you get a grip on your budget and give you a plan to get you out of debt.