With today’s economic difficulties, consumer debt is at an all-time high. As American’s continue to struggle with debt, record numbers of consumers—nearly 1.6 million in 2003—are filing for bankruptcy. Whether you’re financial situation is the result of an illness, unemployment, divorce, or simply overspending, it can often seem overwhelming. If debt has gotten the better of you, try debt settlement before going the bankruptcy route.

Debt settlement can help consumers improve their financial situation and provide immediate relief from creditor harassment. With debt settlement, you can usually get out of debt with in two to three years and you typically end up paying back between forty to sixty percent of what you currently owe!

It is true that bankruptcy is another option for debt relief, but it’s generally considered the option of last resort. This is because of its long-term negative impact on your creditworthiness. A bankruptcy stays on your credit report for up to 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live. It is critical to understand all your options prior to making such a critical decision. Living debt free takes both hard work and proper planning. With a proper combination of both, you are sure to get back on the track to financial freedom.

Alan Barnes IAPDA Certified Debt Arbitrator President and CEO of Debt Regret http://www.debtregret.com