Most Americans have accumulated significant amounts of debt. American household consumer debt averaged $11,840 in 2005, but the rate of personal savings in the United States dropped below 0%. This statistic, this low, has not been seen since the great depression.

If consumer goods prices continue to rise along with fuel prices and interest rates, but our income barely keeps up with the cost of living, how are we going to pay off debt if there is nothing left of our income at the end of the month to pay the bills?

This is a vicious cycle we are in. We purchase more than we can afford and on credit BEFORE we have the money to pay for it. We accumulate more bills to pay with higher interest rates, with income that is not sufficient enough to keep up. This leads to late fees, poorer credit ratings that lead to higher interest rates on loans and credit cards.

Is there any end to this cycle? Is there any solution to the stress, anxiety, and uncertainty most of us feel by the mounting of bills, calls from collection agencies and mortgage companies, and keeping up with the day to day needs of our families and households?

Fortunately, there can be relief from the overwhelming burden of debt.

Begin by identifying the sources of your debt. For example, credit card debt, home mortgage, automobile loans, student loans etc. Then add up all the balances due, the monthly payments (most people only pay the minimum amount due), and your total monthly income. Some find it alarming to discover there is little if anything left of their income at the end of the month.

It is also important to identify the factors that lead you to be in debt. Also, do get a copy of your credit report. This is invaluable for your financial future to understand how to get out of debt and what decisions could lead you back into debt.

Solutions to personal debt vary depending on the type of debt and your own personal circumstances. Solutions can be home mortgage refinancing, mortgage consolidation loans, credit counseling and credit card consolidation loans, student debt consolidation loans, debt management programs, and negotiating lower interest rates and lower payout amounts.

There are solutions to getting out of debt. You can live debt free and be free of the stress, the worry, the uncertainty, and the burden of unpaid and over due bills. You can find the help you need for your situation.