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If you find youself in a tough financial spot don’t be fooled by ads that hold up seemingly government-backed credit card debt bailout programs. To begin with, there are not U.S. government consumer debt bailout program. This type of selling is used to lure in unsuspicious people.

We have all seen the ads on television and on the internet, “president Obama has made a program to help people get out of debit”. This is a total fabrication dreamed up by slick lead generation companies. Any debt counseling company that uses this misinformation should be avoided at all costs. Any company willing to lie and misinform you should not be trusted with your finances ever.

Another marketing ploy to watch out for are the official letters received through the mail that appear to be coming from some government agency notifying you of your eligibility to participate in the government credit card bailout program. If you look closely at the fine print, they clearly state that they are not related to any goverment program, but who reads the fine print?

Any legitimate debt consolidation company will be honest with you and inform you that it will take 2-4 years of hard work and strict budget requirements to get out of debt through their program. They will also tell you that there will be a damaging impact on your credit while you are in the program, and that anytime you are not paying your bills, there is the possibility of legal action. All of these things may seem scary, but if you are in a real financial hardship, you have nothing to fear. Debt settlement programs are extremely effective for those consumers who are in a hardship and have aligned themselves with a company that has fully informed them of the process and provides adequate support for the continuance of their program.

Before hiring a company to handle your debts, be sure you cannot simply tighten your budget and make your numbers work on your own. If after reviewing your budget, you are not able to continue to make your monthly payments, be sure to get a qualified consultation from a reputable debt consolidation company.

From your creditors point of view, getting receiving part of the funds owed is always better than receiving nothing at all if you file for bankruptcy. Remember that even if you do move ahead with a debt relief program, you can reserver bankruptcy as your fallback position if your situation gets worse.