American households are drowning in debt like never before. Total credit card balances have soared past $1.21 trillion nationally, while the average household carries over $6,000 in revolving debt.

Government credit card relief options may be scarce, but there are several other paths to reduce what you owe.

If you’re researching bankruptcy or debt settlement (also called debt relief), you probably have overwhelming debt problems. Debt settlement and bankruptcy can both be effective solutions, but it’s ...

*Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” allows people to discharge most unsecured debts. This includes medical bills, payday loans, and credit card balances. A trustee may sell ...

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...

Debt is often discussed in negative terms, but debt isn’t just good or bad. It falls on a spectrum, and how you manage it ...

New federal court data shows a 10.6% rise in U.S. bankruptcy filings, raising legal and economic oversight questions for ...

Are debt relief programs legit? Yes. Debt relief, aka debt settlement or debt resolution, is a legitimate industry that can be helpful to people experiencing certain financial difficulties. However, ...