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Follow on Google News | From DebtFreeCounselor.com - Debt Relief For American ConsumersDue to the struggling economy, more Americans have found themselves overextended with credit card bills. Although the government has been helping by passing new laws and regulations, individuals must take independent action to get out of debt.
By: Rami Abramov According to the data gathered by DebtFreeCounselor.com, over fourteen million Americans are unemployed. Although the government has been trying to help consumers, most have not received any support. The new Credit CARD Act protects consumers from high interest rates, no-warning interest spikes, large penalties for delinquency and overcharges. But even with this help, it will take long before consumers recover from the damage that has already been done. Also, creditors have found other ways to keep consumers on their toes. This is possible due to the immense budget creditors set aside for their lobbyists and attorney, which ranges from $400-500 hundred million dollars per year for the larger banks. They do this to consistently find new sources of revenue by finding new loopholes and keep their billions coming in. What many consumers don’t realize is that to fully pay off a debt by making only minimum payments it can take up to thirty years or possibly forever to fully pay off a debt. The reason this happens is because creditors sometimes lower the minimum payment to under 2% of the total debt while raising the interest rate to over 20%, making it counterproductive to pay the minimum as it will not even cover the interest. This is called a debt treadmill and can be very dangerous. Not only because it’s financially taxing, but because it also lowers a consumer’s credit score causing a vicious cycle resulting in a loss of time and money. To stop a cycle like this from occurring, DebtFreeCounselor.com offers a debt relief option called debt settlement. It’s an efficient and powerful form of debt relief that helps consumers get rid of debt within an average of twenty four months. Professional debt arbitrators negotiate with the creditors and are able to cut the principal balance by as much as 60%. The unsecured debts enrolled in a debt settlement program are compounded into a single and very affordable monthly payment giving consumers a chance to breath and rebuild their financial lives by eliminating their debts and picking up their credit scores. For all accounts enrolled, debt settlement provides a single monthly payment, 0% interest rate, and a drastically reduced principal balance. Although the government has been making efforts to support consumers with new laws and regulations, consumers must take action on their own to help themselves. DebtFreeCounselor.com is there to provide the support consumers need immediately. For more information on this news release, please visit http://debtfreecounselor.com – one of the nation's most reputable debt relief companies. Or call (877) 479-4545. # # # Debt Free Counselor provides free consultations for consumers experiencing medical and financial hardship. End
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