Are debt worries keeping you awake at night and preoccupied during the day? You are not alone. The downward spiral of the current economy has caused families to be in financial trouble. Solutions to debt worries are as varied as types of debt are. Which one you choose depends on your level of debt and your level of comfort.

Debt settlement and debt counseling are two similar strategies, although with settlement, you will end up paying less than the total amount owed, and with debt counseling, your credit score won't take as big of a hit.

You can do a debt settlement yourself or hire a settlement company to negotiate for you. A company will charge you in the neighborhood of 15% of your total balance to deal for you though.

A debt counselor will most likely be able to get the interest rate reduced considerably, and may be able to get things like late fees and over limit charges waived. With this type of program, be prepared to get put on a monthly payment plan that is usually very inflexible. Many times people are dropped from such a program because a medical emergency or other unexpected expense causes them to not be able to keep up with the agreed on payments.

Finally, if things are really bad, bankruptcy may be your only course of action. A bankruptcy will be with you for 10 years and make it more difficult to get loans or credit. This in itself may not be a bad thing, but employers and landlords are also now starting to look at your credit history to base their decisions, unfair as that seems.

No matter how you got into debt trouble, there is a way you can get free of it. Take advantage of your options to eliminate your debt worries once and for all.