Credit Card Debt Relief Decisions
There is surely no shortage of consumers who are currently exploring their credit
card debt relief options, particularly in this difficult post-recession economy. The financial hardships that have emerged in the wake of ravaged home values, high unemployment and underemployment, tight lending guidelines and the rising cost of living forced millions of consumers to turn to the only source of funds that was still available to them: their credit cards. Now this credit card debt has come home to roost as the interest rates being charged commonly attain levels of 18% and up, leaving many cash-strapped borrowers with no choice other than to make just the minimum monthly payments on their accounts. Any of these borrowers who has used one of the debt calculators available on the internet has probably discovered that their prospects for repaying this high-interest debt using minimum payments are very bleak, as the terms required to become debt-free can easily extend for decades.
This is an unthinkable prospect to ponder in any economy, even in a strong one. But in the present one it is flat-out mandatory that consumers who are affected in this way find appropriate solutions to their debt problems. The
debt relief options from which consumers can choose are credit counseling, debt settlement and bankruptcy. Of these three debt relief options, credit counseling holds the most promise for all but the most impossible of debt situations. Unlike debt settlement and bankruptcy, there is no credit score damage that will take place with credit counseling. With both debt settlement and bankruptcy the credit damage that will be sustained is so severe that these solutions are difficult to recommend to anyone who has another legitimate option available to them. The best advice is for these consumers to speak with a debt professional and find out if the monthly payments required for credit counseling, which will have the borrower out of debt in 5 years or less as a result of reduced interest rates and other benefits, will be realistic and manageable for them. If it turns out that they are not, then perhaps there is cause to consider either debt settlement, which is a very risky option on many counts, or bankruptcy, which will ruin credit for 7 to 10 years.
Credit Card Debt Relief Decisions
By: Jackson Roberts
Credit Card Bailout For Consumers Too Many Inquiries: How These Can Pull Your Credit Score Down Potential Effects Of Changes To Credit History Laws Going Green and Receive Green Tax Credits Prepaid Credit Cards Can Help You Avoid Debt 5 Major Threats To One's Credit Score Secured Credit Cards Can Help You Rebuild Your Credit 5 Ways You Can HURT Your Credit Score The Benefits of Rewards Credit Cards The Best Credit Card Offer - What to Look For Credit Card Debt Settlement – How Debt Settlement Is Now Legitimate Credit Debt Settlement – Understanding Recent Trends In Debt Settlement Consumer Credit Card Debt Relief – Why Debt Settlement Is Now A Legitimate Option
www.yloan.com
guest:
register
|
login
|
search
IP(216.73.216.167) California / Anaheim
Processed in 0.034903 second(s), 5 queries
,
Gzip enabled
, discuz 5.5 through PHP 8.3.9 ,
debug code: 6 , 2541, 171,