subject: Do You Have Over $10k in Credit Debt? Solutions For Consumers With Out of Control Debt [print this page] In a country where credit is a matter of social status and an average man carries more than seven credit cards at one point of time it is not surprising to see people stressed and over burdened with card debt. Initially the debt concept of debt started in the Great Depression where most of the people did not have money to buy goods and services from the open market. People were so depressed an upset with their financial conditions that the creditors devised a method of buy now and pay later. People were given credit according to the wages they drew and paid up once they received money from their employers.
Credit at that point of time of time was more a matter of necessity to run day to day expenses. The concept of credit has travelled a long way from necessity it is now a status symbol which flashes out of your pocket and shows the worth of the person who is carrying it. The marketing effort of the card companies have paid back and as a result toady most of the people today own more than 7 credit cards at one point of time. When we look at the recent past we see that people has honoured their credit card debt and paid back people on time. However off late with the depression hitting the job market people are struggling to keep their bread and butter going so under such conditions the payment of the credit card bill is hardly a priority with them. Many of them who want to pay back are finding it difficult due pay cuts or losses they are taking in from the market.
Under these circumstances of dire stress it is extremely important that the customer should look for the help provided by the debt relief companies and should look towards containing cost as the first resort to adapting towards change. Settlement or consolidation helps the customer as the creditors after looking at the stress the customer is going through adapts a softer attitude towards the debtor and brings down the over all debt bill by 50% or more. The rate of interest is also reworked upon and monthly mode of payment is established for the debtor to pay back in easy instalments. The only catch to the situation is if the customer ends up with a company which is not good enough. To set the other half of the story straight it is best if the company goes through the debt relief network and signs up a company with a good background and experience. A good company would not only help the customer to pay off his debt also would help him to get rid of his stress in a stipulated period of time.
For the millions of Americans who are at least $10 k in unsecured debt, it would be financially prudent to consider the debt settlement option. Creditors are very worried about collecting their debts and legitimate debt settlement companies know exactly what methods to use to get your creditors to agree to eliminate a certain percentage of your unsecured debt.
Do You Have Over $10k in Credit Debt? Solutions For Consumers With Out of Control Debt
