The top three things to consider about debt reduction are:

# 1: Cost
Do not be concerned with the idea of paying a fee for service and help. Many people think that this is just adding to the debt problem - not so. The cost associated with getting out of debt is swallowed up in the process since your end result is NO debt.

# 2: Use a Professional
Use a trained professional that has experience in negotiating debt. Many times these negotiators will have an exclusive relationship with creditors, banks, and collection agencies and bring to the table a track record of settling millions of dollars of debt. To your creditors you are nothing more than someone in debt and who owes them money, but a professional debt negotiator has clout and leverage - they will work on your behalf and help you get the best settlement that is affordable within your budget.

# 3: Know Your Options
When you think about it you basically have four options to consider when looking at reducing or eliminating your debt. They are:

Option 1:  Paying creditors as originally agreed.
By simply paying the minimum payment each month, a $4,000 debt can end up costing you around $16,000 by the time it is paid off. Enough said.

Option 2:  Bankruptcy.
This is NOT a good idea. Anyone telling you otherwise is looking at making a handsome profit or has little scruples. Bankruptcy will mar your credit and can create negative affects in multiple areas of your life. Avoid it.

Option 3:  Debt Consolidation Loans.
 Debt consolidation is a great way to organize and simplify the process of getting out of debt, it will generate a lower interest payment and relieve you of debt in a fraction of the time it would otherwise take.

Option 4:  Credit Counseling.
When you contact credit counselors, you are usually ready to accept help in managing your finances. During the free initial counseling session, all financial information, including credit cards, is evaluated to obtain an accurate assessment of your specific financial circumstances. They develop a reasonable budgeting plan to enable you to develop a solid financial framework. When appropriate, creditors are contacted to arrange reduced interest rates and manageable repayment plans through various Debt Management Programs.