More and more families and persons of all ages are finding themselves in debt trouble. Why? Perhaps it's the bad economy, but more likely it's because of the buy it now pay for it later mentality. Whatever the reason, people are looking for a way to shed their credit card debt and all the stress that goes along with it.

Debt trouble can range from maxed out credit cards to being behind on the rent or mortgage and every conceivable situation in between. Some creditors may be a little more forgiving than others, but rest assured, in the end they will all want the debt repaid.

There are a number of ways to eliminate debt, some more painful than others. They all take planning and discipline.

If you simply have too much credit card debt, you may be able to settle the debt, meaning paying less than the total amount owed to a creditor. This will leave a mark on your credit report, but it can be repaired. Debt settlement can be accomplished with a third party settlement company, or you can do it yourself.

Debt counseling is similar, but with it you pay the full amount due. Many times a debt counselor will be able to get late fees and other charges reduced or dropped, and interest rates lowered considerably. You will be put on a monthly payment plan, make sure you can afford it!

The most radical approach to ending your debt trouble is bankruptcy. This is considered a last resort because of its negative effect on your credit report. Unfortunely, entities not having anything to do with finances consult credit reports and base decisions upon their findings. This means it may be harder to find a job or apartment, unfair as that is. A bankruptcy will stay with you for 10 years. Anything you can do to avoid it is in your best interest.

Debt trouble is not something you want to find yourself in. But if you do, realize there are ways out.