More and more, people are looking into debt restructuring to get their monthly payments lowered. It is a need for many since the banks hiked up interest rates on credit cards before the CARD act went into effect. It makes finding extra money every month that much more difficult since the debt still has to be serviced.
Restructuring debt is about contacting the creditors and working on a debt solution. It can be in the form of a settlement on one card, reducing the interest on another, or negotiating a lower monthly payment for a period of time. The ultimate goal is to have less money servicing debt every month and having a little more left over. Taking the steps to restructure the debt load can help avoid bankruptcy filings.
The hurdle that consumers are going to face is getting the credit-card company to take them seriously. Creditors do not really consider the people that owe them money as anything other than a cash cow. Hence they institute policies that limit the ability of their agents to help negotiate debt downward.
A lawyer is the best solution to get a favorable debt-restructuring plan. The fact that the consumer has hired legal representation tells the creditors that they are not going to be able to get away with murder. Lawyers can pull trump cards that aren't easily accessible to the average consumer while protecting their client's rights under the law.