With total U.S. consumer debt at about $2.42 trillion dollars, according to an August 2010 G.19 report by the Federal Reserve, it’s no surprise that many individuals and families often contemplate controversial solutions in order to pay off loan and credit card debts.

As U.S. consumption continues to outpace income, foreclosures increase, and young adult and student debts become more and more of an issue, the desperation to pay down debts continues to grow.

Debt is a serious issue all over the country. In a recent letter to a South Oregon newspaper, a man asked advice columnist Bruce if he should raid his retirement account to pay off debt. Such letters exemplify the extreme measures people are contemplating to try to solve their debt problems.

The advice seeker complained of having $15,000 in credit card debt, not much unlike the average American. On top of $15,000 in credit card debt, he also held $9,000 in loans. While this individual’s loans were not specifically student loans, many students face a similar situation with an amassed combination of student loan and credit card debt.

With interest rates on credit cards and many loans remaining high, the advice seeker mentioned that although both he and his wife work, they do indeed live “paycheck to paycheck” while trying to pay down debts. With a lack of places to turn, the man, who only identified himself as “Greg,” asked the newspaper columnist if he should indeed tap into his $66,000 in retirement savings to pay doubt debt.

In a sentiment shared by many credit repair specialists, the advice columnists advised Greg against raiding his retirement account. It was advised for him to sit down with a debt relieft specialist and, if needed, a credit expert specialis instead to look into better solutions and lower interest settlements.