For most of the past five years, the country has been feeling the effects of a recession that began in 2008 with the start of the housing crisis. Subsequent layoffs and unemployment forced many families to go through their savings and have left others in serious debt. The average American household now holds over $15,000 worth of credit card debt. That does not include mortgage and student loan debt.

Households looking for debt relief do have some options. For those holding a lot of credit card debt, one thing to consider is calling each individual credit card company and negotiating a settlement to pay off the balance on the card. Many credit card companies will be willing to settle with their debtors in hopes of getting something rather than nothing on the balance that they are owed.

Another popular alternative is to consolidate debt into one lower, more manageable payment. For example, five monthly credit card payments that add up to a total of $1,000 can be combined into one new loan with a payment of $500. The savings could be used to further pay down the debt and eliminate it even faster. Those looking to pay off debt can even combine negotiating a settlement with debt consolidation. First, negotiate with the credit card companies for a new lower balance and then combine that new balance into a consolidation loan.

People can also utilize a variety of loans to help them pay off their debt. One such instrument is a car title loan. Title loans are short-term loans that do not require lengthy credit or background checks. They can be acquired relatively quickly without the mounds of paperwork generally associated with conventional loans. A borrower can use the title loan to pay off certain debt or to help with an emergency that comes along while in the process of debt relief.

Title loans are easy to obtain. A potential borrower must have a vehicle with a clear title. Embassy Loans of Florida, for example, requires that a borrower fill out an application and then present a few documents. A person interested in a title loan must show a photo ID, the title to the car, and must prove their residency status. Embassy Loans will then inspect the vehicle and assess its value. Once that is complete, the loan is finalized and the borrower has access to the money. The process is very quick and the money can be used to help pay down other more expensive debt.