At the end of last year, Americans carried nearly $11.63 trillion in personal debt. Sources indicate that the average amount of credit card debt is over $7,000. When the debt becomes overwhelming for New Jersey residents, several debt relief methods are available, such as debt settlement or bankruptcy.
For some people, debt settlement may be the appropriate remedy. Before making the decision, however, a consumer should take the time to weigh out whether it is actually a viable solution. Since the Federal Trade Commission (FTC) strengthened the rules imposed on debt relief services, it may be easier for consumers to locate a reputable service. Beyond that, the pros and cons of their use must be explored before any agreements are signed.