It has become a regular practice of credit card issuers to prey on consumers who are most vulnerable. For instance, my own son receives 3-5 credit card offers each day. Guess what – he's a full-time college student with little or no income. Is he vulnerable? Sure he is – just like all of the other college students receiving these offers. College students are notorious for being broke, and the credit card companies making these offers know this. As a result, many young adults find themselves deep in debt long before they've even had the chance to receive their diplomas.



College students aren't the only people to fall victim to creditors who seek out those who are most vulnerable. Many credit card issuers extend invitations to individuals whose credit scores are much less than perfect. This is because creditors can charge outrageous interest rates and fees to those who are desperate, thus earning astronomical profits. As a matter of fact, in 2006 credit card issuers earned more than $90 billion in interest alone. Wait – it gets better; in addition to profits earned from interest, credit card companies also earned more than $50 billion from the fees they charged.

Chances are you may be a victim of such credit offers. If so, you've probably realized that your debt is out of control, and you can no longer meet your monthly financial obligations. Fortunately, there are options and solutions to assist you in becoming debt free.

If you're reluctant to file bankruptcy, debt settlement may be an option worth looking into. Debt settlement is for people who are on the brink of bankruptcy, and find that they have very little choice due to the fact that they simply can't go another month wondering how they'll pay all of their bills.

You see, debt settlement is a process that allows you to “settle” your debts with your creditors for less than the full balance (usually 50% or less), and has been the solution for many people who otherwise would have had no choice but to file for bankruptcy.

If you want to avoid bankruptcy because you don't want your financial difficulties to be made a matter of public record, and you want to avoid a bankruptcy filing from appearing on your credit report for the next 7-10 years, debt settlement may be the right solution for you.

Prior to deciding to enroll in a debt settlement program, however, do your homework. Be sure that you're a good candidate for debt settlement, and that you're well aware of the entire process – from beginning to end. If you should decide to hire a company to assist you in negotiating with your creditors it's important to hire a company you trust and with whom you feel comfortable. If you speak with a representative of a debt settlement firm who seems more interested in taking your money than helping you resolve your finances, move on. I wish you all the best in your endeavor to become free of debt.