More consumers choosing debt settlement and consolidation

More and more Americans are finding themselves deeply in debt and looking for a way out. They are turning in greater numbers to experts that can help them consolidate, manage or settle that debt.

While 45 percent of Americans say they are in debt, 5 percent have sought or are currently seeking the help of a debt consolidation, management or settlement program. According to the U.S. Consumer Study on Debt, 5.13 million consumers have enrolled in such a service.

At the same time, the study found that many Americans spend a large part of their day worrying about debt. A full 10 percent of consumers reported that they worried about how they would pay off their debt for 10 or more hours a day. Another 11 percent fret over it between four and 10 hours. The majority of consumers – 54 percent – they worry about it between one and three hours a day. Only a quarter said they don’t worry about it at all.

A recent report from USA Today said that the Association of Settlement Companies helped settle more than $1 billion in consumer debt last year.