Debt Consolidation
Apr 20th, 2009 by Admin
Things Are Bad … And Getting Worse
Credit card debt and adjustable rate home equity loans are the two biggest sources of high interest consumer debt in the United States with more than 60 million people being crushed under the weight of compounding interest accruing against large balances on their credit cards.
To make things even more interesting, throw in a financial market meltdown, a global economic crisis, a foreclosure epidemic and accumulated American job losses in the millions.
To add insult to injury, many of the largest credit card companies (Bank of America, Citibank, etc.), in response to the economic crisis, are set to raise their minimum payment requirements from a current rate of 2% to a whopping 4%. When that policy goes into effect, credit card minimum payments will effectively DOUBLE, literally overnight.
And you thought things were tough now? What’s going to happen when you’re forced to pay twice as much as you are now? Will you still be able to manage, or will that be the straw that finally breaks the camel’s back?
Is That Even Legal?
Why can they just double the monthly payment on a whim and get away with it? Because their user agreements say they can, that’s why.
In addition, new bankruptcy reform laws have made it much more difficult for people to file for bankruptcy protection. But the truth is, most people want to avoid bankruptcy if at all possible. And for good reason; bankruptcy can stay on your credit reports for up to 10 years AFTER the bankruptcy has been discharged.
Debt Relief - The Light At The End Of The Tunnel
The good news is that you can avoid bankruptcy and avoid consumer credit counseling altogether. A professional debt negotiation and debt settlement company can legally negotiate away a large percentage of your debt, negotiate smaller, more affordable payments and design a debt reduction strategy to have you completely debt-free in about 12 to 36 months.
Debt Relief for Consumers Debt Relief for Businesses
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