Personal debt has been a growing problem for awhile, and today's economy has made it even more difficult to emerge from mounting bills and finance charges. As a result, debt reduction programs, both reputable and disreputable, are springing up all over the television and internet. Their promises can be tempting and might seem like a dream come true. Too often, however, the dream turns into a nightmare.

Getting into Debt

Fred and Sue Simmons' story is typical. In the late 1990's, Fred was a human resources consultant who owned his own business and worked on a contract basis. Sue worked for a small, local company that paid her a small but consistent salary. For Fred, some months were very good, while some months saw him bring in nothing.

Like many people, Fred and Sue had several credit cards, including American Express, Visa and MasterCard and a few store cards. They paid the minimum or a little more each month, and every month they told themselves that they would eventually pay down their debt with lump sum payments.

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