Falsely attributed to Albert Einstein is the quotation that “compound interest is the greatest invention of the 20^th century.”  But, for those seeking to build a comfortable lifestyle or save for retirement, the veracity of those words is unquestioned.  Equally valid is the comment of Senator Frank Lautenberg that “anybody who has ever lived in a serious adult life knows that indebtedness is a killer.”

Debt is insidious and its effects upon the lives of those indebted debilitating.  If you use credit cards on a regular basis, it is likely that you are accumulating debt.  It begins innocently enough: you make purchases and cannot pay the full balance in a particular month.  Before you can fully pay off those initial purchases, you make additional purchases – perhaps, to make an unforeseen car repair or buy a gift.  Now, you are not only paying for your purchases, but also monthly interest charges.  Over time, your balance grows as do the interest charges.  And, if you are making only minimum payments, it may take ten or more years to pay your total indebtedness – even more if you make additional purchases with that charge card!

In today’s consumption-driven society, it is so easy to fall into debt, and so difficult to extricate yourself from it.  If you find yourself in the unenviable position of needing debt relief, where do you turn?  Like many others in this situation, you will want to explore the possibility of debt negotiation and debt settlement.  You can, in most cases, reduce or eliminate interest charges and establish more affordable payments and schedules – if you know how to approach your creditors.  Some will attempt to do this on their own.  Most, however, will require the assistance of a debt counseling service.

Regardless of the path, reduction and ultimate elimination of consumer debt from your life will alleviate stress and put you on the path to a more secure financial future.