A credit card debtor has few choices. These choices include consolidation and settlement. Both these choices have their plus points and drawbacks. Consolidation is a very good option because you will get rid of the unsecured loan by taking a secured loan. In this case, any loan on a fixed property can be taken. This new loan has little interest rate and its payments are also very small. This will not affect your credit history or FICO scores and you will be able to take credit in future.Consolidation may take years to complete but it will make your life easy. A debtor, who wants to clear debts without taking any risk of future life, should try this option. It will secure his future. He will not have to lose his job. Although it is a very safe option but still it is not risk free. When your loan is unsecured, your property is safe because the creditor will not able to claim your property. But when a customer puts his property as security with the lender then it is in danger. If a customer is not able to pay it back, the he will not get this property. So, great risk factor is involved in this choice. Thus, it is recommended to think over it again before trying it.Debt settlement on the other hand has wonderful benefits. First of all, customers get elimination in their debts. This does not happen in any other case. You will get 60% elimination. This will greatly lessen your burden and you will be able make the payments easily. There is one trade off in this option. Your credit history will be affected and your FICO scores will be lowered down. Customers need to take help of professional attorneys in this regard. If these attorneys are not legal then you will waste a lot of your time. This process will not take much time. Once you get the settlement offer, you will get a new payment plan that will be offered according to your ease. So, you will not face any difficulty in making the payments. Try to get rid of the debts as soon as possible because due to interest rates this amount keeps on increasing day by day.