Carrollton, TX -- (SBWIRE) -- 04/19/2010 -- Unemployment rates remain high, the economy is still unstable, and more and more Americans are finding themselves struggling to make ends meet. Debt can be an especially large burden, as interest rates and fees may increase at a rate individuals may not be able to keep up with. As a part of National Financial Literacy Month, Debt Settlement America offers 7 steps to help those in serious debt get back on the road to financial freedom.

1) Accept that it won’t be easy. Getting into debt took time. Getting out will take even more time. Don’t get discouraged if you don’t see quick results.

2) Find out how much you owe. Gather your bills for all of your outstanding accounts, including unsecured lines of credit, credit cards, student loans, mortgages, and car loans. Create a spreadsheet listing out who you owe, how much you owe, your minimum monthly payments, interest rates, and payment due dates.

3) Create a budget. You need to know how much you spend versus how much you make. A detailed budget can give you an accurate picture of where your money goes, and can help you decide where it should be going.

4) Take care of needs first. Necessities should always come first – food, shelter, and health needs should take priority over other bills. Secured debt, such as mortgage or car loans, should come next. Unsecured debt like credit card balances should be your lowest priority bill.

5) Create a plan of attack. If you can, pay more than the minimum. Pay extra on debt with the highest interest rates and work your way down from there. High interest rate debt will cost you the most in the end, and will keep you in debt the longest. Paying more than the minimum is the only way you will realistically live to see your debt paid off.

6) Seek professional help. If you can only pay your minimums, or if you are struggling even to do that, you may need outside help to resolve your debt. There are many options available to consumers for debt relief. Research what options or companies are a good fit for you and your family. Whatever plan you choose, be prepared to truly commit to it.

7) Stay positive. Over time, as you climb further out of debt, you will begin to see your finances go from negative to positive, and your credit history and score will do the same. The short term benefits of reduced stress and improving finances will give way to long term financial success.

If you are in serious debt and need help, you may consider enrolling in a debt settlement program. In this type of program, qualified debt negotiators negotiate with creditors on your behalf to secure settlement on your unsecured debt. With programs typically lasting three years or less, debt settlement will allow you to pay off the debts you owe to each creditor for less than your current balances with lump sum payments. The settlements are binding and ensure that no further collection efforts or legal action will be taken on the settled accounts.

Debt Settlement America (DSA) is headquartered in Dallas, Texas and services clients across the nation. Since its inception in 2004, DSA has established itself as a leader in the debt settlement industry. DSA is a member of the US Chamber of Commerce, the Texas Association of Businesses, the American Bankers Association, and a Gold level member of the International Association of Professional Debt Arbitrators. DSA has been recognized as a TASC Best Practices accredited member company for the past three years.

To learn more about Debt Settlement America, or to receive a consultation free of charge, go to http://www.debt-settlement-america.com or call 866-387-3328.