On average Americans carry an amazing $9,000 in credit card debt. Private debt is at an all time high. Because of this many Americans are struggling to make ends meet and are on the verge of financial collapse.

If you have high interest credit cards and are only making minimum monthly payments and are close to your limit you may want to consider the benefits of a debt consolidation.

The Credit Card companies charge a daily interest rate on the entire balance of your credit card. Interest rates can range anywhere from 3-23%, late fees are high also ranging from 20-35 dollars. These late fees are often assessed for one day late and offer no grace period. What worse is that the late fee can in some cases put you over your credit limit and result in an over the limit fee of up to 50.00 dollars. These are then included in your balance and interest is now charged daily on this new amount.

Living with large debt can put a lot of strain on an individual, family and relationships. Work towards eliminating as much debt as possible and try to live debt free. On this there are several topics that may provide a solution to you credit card debt situations.

Some strategies to consider are credit counseling, debt consolidation, to debt negotiation, but each has it's own pluses and minuses.

Negatives of Debt Negotiation and Debt Settlement are the Low Credit Scores and Credit History reports. You will eventually get your scores back up, but this can take years.

If you cannot seem to get control of your finances the above options may be your only alternative to bankruptcy.

Living debt free and credit card debt free should be the ultimate goal of every American.