More American consumers are finding themselves falling deeper into debt, and the numbers continue to rise. According a recent CBS news report, American debt increases by a staggering $75 million each hour alone.

Between a faltering economy which resulted in thousands of lay offs, irresponsible lending practices from large banks and creditors, as well as steep costs for medical care, American consumers owe an estimated $11.13 billion, of which nearly $894.8 billion is credit card debt, according to recent reports.

As a result, many Americans seeking to regain control of their finances are turning to debt management programs and services for debt help and advice. Many consumers seeking help with debt often wrongfully assume that bankruptcy is their only means of achieving debt relief. However, debt relief companies offer a variety of flexible debt solutions that can be customized to each client’s individual financial situation, needs, and goals.

Debt settlement is a popular option for those in need of financial relief. When weighing debt settlement pros and cons, many soon realize debt settlement can allow them to be debt free in as little as 12 to 24 months.

Often referred to as debt negotiation, debt settlement is a legal matter involving hiring a professional debt settlement company to help negotiate lower payoffs on personal loans, collections, and open accounts like credit cards on the client’s behalf. A settlement means that the original lender, collection agency, or credit card company agrees to take a significantly lower payoff amount than what is actually owed.

Some consumers unsuccessfully attempt to settle their debts on their own, however, experienced debt counselors have the necessary skills and knowledge to successfully navigate this complex process. Each client’s case is handled with the utmost level or professionalism and diligence, ensuring a fair and reasonable settlement is reached.

There are several advantages regarding debt settlement pros and cons, including an affordable, single monthly payment, which in turn allows consumers to save money, in addition to relief from aggressive debt collection practices such as incessant phone calls. Also, many clients receive invaluable financial planning advice, which empowers them to make better and more informed financial decisions in the future.

Though getting out of debt may seem like a daunting, if not all but impossible feat, it’s important to remember there are number of flexible solutions that allow for a fresh financial start. Consumers are encouraged to discuss debt settlement pros and cons with a reputable debt relief agency or financial counselor. By working with a debt relief agency, consumers can feel confident that they are the path towards financial freedom.