In today’s economy, personal debt is a growing problem. With high unemployment rates and an expensive rate of living that show no signs of slowing down, debt is a serious problem in our country. In order to really make it out alive in a situation like this, the average American needs to know how to deal with this problem in order to build long term wealth.

Unfortunately, as corporations are feeling the hurt of our economy, your FICO credit score is becoming more and more important. For example, in some cases, cell phone companies are now requiring that they check your credit score before you can use their phone service.

The FICO score was originally set up so that businesses have a way of checking previous credit history before extending credit. With that information readily available these days, anyone and everyone can check your score. Employers, creditors, loan officials and Insurance companies all will check your score before working with you. If you’re score is not adequate you will be denied loans or given poor Insurance quotes.

Fortunately for you, your solution lies in the way that credit scores are calculated. There is a direct relationship between your score and past payments. If you’re payments are late and inadequate, your score plummets. If you pay your dues on time, on the other hand, your score rises.

This is where the solution comes into play. The solution is a debt settlement company. These businesses provide you with an easy way of lowering the amount that you are due each month, making the difficult task of paying off your debt much easier. Often debt settlement companies can also compile your debts into a lump sum payment that will make your payments much more manageable.

There are several debt solutions businesses out there that are readily available to you, you have to be careful though, because some of these businesses are better than others.