Reduce Debt – New Bankruptcy Statistics Released for 2012

“Reducing Credit Card Debt through bankruptcy should be a consumer’s last choice according to Golden Financial Services.” To reduce debt or more specifically to reduce credit card debt, debt settlement with an A+ BBB Company is a viable option.
By: Sammy Katherine
Aug. 20, 2012 - PRLog -- To reduce debt, for the 1st 6 months of 2012 there were 627,000 bankruptcy filings in 50 states according to figures from Epiq Systems, which compiles data from federal bankruptcy records.  Consumers often have high credit card debt and secured debts where bankruptcy is thought to be their only option to reducing debt.  

609.8 million credit cards are currently held by U.S. consumers.  “Between secured debt and unsecured debt, the amount of debt circulating in the US economy is too high and consumers need to reduce debt” according to Golden Financial Services.

How to reduce credit card debt?  Do I pay my mortgage or credit cards this month?  Paul Paquin the CEO at Golden Financial Services said “these questions are often asked by consumers and they are scared.  Consumers are unsure if they should pay their mortgage one month or their credit card bills, due to their income only allowing certain people to pay one or the other.”

Rachell Donovan, a contributing editor at the site “No More Credit Cards” said "a lot of people in our economy are in the same predicament. The banks approved too many loans, people took the loans, banks approved more credit and loans, mortgages that should not have been approved were approved and people fell too deep into a hole that they are now struggling to get out of. There are options available to help consumers with paying off credit card debt or at least reducing credit card debt and making their mortgage payment more affordable.   Imagine if everyone that was financially stressed declared bankruptcy just to reduce debt?”  

Learn about safe and affordable credit card relief programs in the United States.

Golden Financial Services is adamant in saying that “one should avoid bankruptcy at all costs.   If everyone in America that was financially stressed declared bankruptcy, our country would be a mess.  Consumers need to be educated on all financial debt solutions.  People really need to understand all financial debt solutions available to help reduce debt, so that the amount of bankruptcies in this country decrease and not increase.”

According to RealtyTrac, a leading online marketplace for foreclosure properties reported that,   “the Year-End 2011 U.S. Foreclosure Market Report™, shows a total of 2,698,967 foreclosure filings”.  

Melissa Arguelles, manager at Golden Financial Services said that “when consumers have a high mortgage payment, high credit card debt and a reduced income, 9 out of 10 of those people can be helped, avoiding bankruptcy.  There are ways for consumers to reduce debt payments today and reducing overall debt over the long term, where bankruptcy will never have to be an option.”

Consumers can read more about how to reduce debt and stay current on their mortgage at:
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Tags:Reduce Debt, Reduce Credit Card Debt, Reducing Debt, Credit Card Relief Programs
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Page Updated Last on: Oct 28, 2012
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