Owing such a huge amount of debt, American citizens battle to save and recover from financial emergencies. An extraordinarily high amount of debt makes it harder for families to afford advanced schooling, amass assets and save for retirement.

During times of recession, consumer expenses are normally a necessity for economic recovery; however, during times of extreme duress, people hunker down and lower spending. Debt also causes personal stress, depression, shame, relationship problems and anxiety - all conditions that reduce life expectancy and productivity.

Although consumer credit card, mortgage and car debt may be daunting, they're still superior to the cash advance loans that many debtors obtain to make ends meet. With an average loan level of $500, many borrowers flock on these high-interest loans as being a stopgap when no other financial institution will lend to them.

In case you are knee-deep struggling with debt, why not try these techniques to guide you to eliminate debt:

1. Seek CCCS. You will find free or low-cost debt counseling with the National Foundation for CCCS. These debt counselors provide financial suggestions about topics just like money management, provide solutions for ones debt problems and provide help to prevent future complications with debt.

2. The help that this NFCC provides includes counseling for unsecured debt, housing debt, foreclosure prevention and bankruptcy. Search for the government-approved debt counseling organization from the U.S. Department of Justice.

3. Contact the financial loan officer in your local bank and ask about their rates for your personal loan. If you own a home, receiving a home equity loan or cash-out refinancing can also help someone to consolidate your debt. But make sure you get the interest rates and closing costs of the loan up-front and in writing.

4. If you have excessive credit card debt and you are only making minimum payments, consider contacting a debt elimination company to relieve your interest rates and monthly installments. Or better yet, reduce the principal so that you may rapidly wipe-out your debt.

5. Contact the Federal Trade Commission or visit their site at www.ftc.gov. The FTC has many online publications that supply financial advice for anyone with debt. These publications can guide you to opt for a credit counselor, join a debt negotiation program, develop a budget, assist you with a financial debt consolidation loan and help protect you from scams.

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