The recent financial turmoil and economic downturn has proved very bad for those who incurred massive debts mostly in the shape of credit cards, in a hope that they would easily repay it with their present good financial capability; but unfortunately the scenario changed very quickly and they gripped in the vicious circle of pilling debt.
Now these debtors are facing severe difficulties and are ready to file for bankruptcy, because they don't have enough financial resources to repay.
But now, you need not to worry any more; because there are varieties of debt management programs available with free credit counseling which enable you to repay your massive debts affordably, and return to their debt free life.
The debt management programs include; debt settlement or negotiation, debt consolidation, and debt counseling.
These programs are based on the government's provided stimulus money so that; you can take their advantages in order to manage and repay your massive debts.
These programs make your financial capability better and protect you from filing bankruptcy because it will be very devastating for you as you're all assets will be at stake and you will not be able to take credit from anyone in the future.
There are various non profit agencies which provide you free credit counseling in order to enable you to get rid of massive debts.
If you choose the debt settlement program and convince your creditors about your weak financial condition then; you may get reduction more than half in your debt whereas in debt consolidation, you can take one single loan to repay all of your existing debt.
This loan will be centralized with lower interest rates for shorter span of time, so that you can get rid of it in very short span of time.
Whatever the debt management option you choose, it should be based on the free advice of credit councilors because as they are experts in dealing such kind of matters and provide you free advices without any profit motives.
So their free credit counseling will be in your best interest.