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If you are struggling under a load of debt you could do as have many Americans and that’s go to a consumer credit counseling agency for help. The best of these agencies are nonprofits and offer many of their services free. While credit counseling can be an excellent option there are a number of myths that have sprung up about it and you need to know the truth.
A good and honest credit counselor will tell you if your situation is so bad that you need to file for bankruptcy. While a bankruptcy will have a dramatically negative affect on your credit history and your credit score, it is one way to get out from under a load of unsecured debts in an extreme situation. For example, let's say that you earn $20,000 annually but have a cumulative credit card debt of $50,000 or more. In this case, bankruptcy might actually be your best option.