Credit Card Debt
U.S. consumers are being battered on multiple fronts these days. They have watched theirs and their jobs being slashed by the millions since the start of the recession. Those that have kept their jobs are seeing stagnant wages. They have seen the values of their homes plummet. And to top it off – the credit card companies have been raising rates and fees across the board – even doubling the minimum credit card payment amounts due. It’s enought to make a consumer say Geez-Louise!
Today more than ever there is a legitimate need for debt relief, particularly for credit card debt. This type of personal debt can exact a very real and physical toll on a person. Stress, anxiety, depression, sexual dysfunction, sleep disorder – these are all real effects of debt; debt stress as its known. So obtaining a measure of credit card debt relief can have benefits that are physical as well as financial.
Yet credit card debt relief needs to be real. Back in the day, bankruptcy lawyers hatched a plan that collectively they could push bankruptcy as a means of debt relief. Hogwash. Nothing could be further from the truth. Debt professionals will tell you that bankruptcy is akin to personal financial and credit suicide. This bankruptcy filing will virtually destroy the filer’s credit record, and have a lasting effect on their life in many ways. How long? A bankruptcy filing will stay on the filer’s credit record for up to a full 10 years. And can stay on the public record indefinitely.
No, bankruptcy is clearly not the true debt relief by any stretch of the imagination. True credit card debt relief instead lies in a program known as Debt Settlement. This program involves having a debt settlement firm negotiating on the consumer’s behalf with their creditors to extract huge concessions in the way of the principal amount that is owed. How huge of a concession? Typically, debt settlement can achieve results of 50% – 75% in debt reduction.
To learn more about debt settlement, please visit Total Debt Relief.
John Chase works in the finance field, and writes about topics such as debt settlement & debt consolidation, home loan modification, credit repair and unemployment issues.
Article Source:http://www.articlesbase.com/credit-articles/credit-card-debt-1242879.html
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