Millions of individuals are deep in debt and experiencing much difficulty meeting their monthly financial obligations. Well, I can assure you that issuers of credit cards are not experiencing the financial difficulties many Americans are. As a matter of fact, take a look at the following profits earned by credit card companies:
Profits earned by credit card issuers from interest charged to consumers during the year 2006 totaled $90.1 billion. Profits earned by credit card issuers from fees charged to credit card holders during the year 2006 totaled $55.2 billion. It's no wonder credit card issuers earned such astronomical amounts of money; after all, if a debtor (consumer) happens to make a late payment - in many cases just by one day - they're penalized with skyrocketing interest rates and uncalled-for late fees. This practice, which many consider the equivalent of legal loan sharking, is wreaking financial havoc on many households already struggling financially.
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If you're frustrated because you've been charged these insane fees, it's time to take a long hard look at your finances and decide what options are available and will best assist you in becoming free from debt.
Debt Consolidation - Debt consolidation is utilized by well-intentioned individuals who want to do the right thing by paying off their credit card debt and obtaining a loan for the entire balance owed to their credit card companies. If your credit is decent, and you have sufficient equity in your home, you may qualify for a home equity loan or line of credit. This will enable you to reduce the amount of interest you pay, and you'll only be responsible for one monthly payment, as opposed to making numerous payments to your various creditors. Most financial experts aren't fond of debt consolidation loans due to the fact that you're putting your home equity on the line and many people who consolidate their debt end up charging their credit cards up all over again, only to find that they owe all of their credit card companies, as well as the bank who funded their home equity loan. Consumer Credit Counseling - This may be the right choice for you if your job is secure and you're able to commit to a long-term payment arrangement. Consumer Credit counseling agencies will work with your creditors to negotiate reduced interest rates on your credit card accounts. You will then make one monthly payment to the consumer credit counseling firm, and they'll in turn distribute the agreed-upon monthly payments to your various creditors. Unlike bankruptcy or debt settlement you'll continue to be liable for paying the entire balance owed over a number of years, but as stated, if you can realistically commit to a long term payment arrangement consumer credit counseling may the path that best meets your needs. Bankruptcy - Most individuals who resort to bankruptcy only do so because they have no choice. You see, most people want to avoid a bankruptcy filing due to the long-term consequences, as well as the fact that bankruptcy is a matter of public record. If you're considering bankruptcy, it's best to weigh all of your options prior to actually filing. If you find that you're unable to obtain sufficient funding for debt consolidation or debt settlement, and you cannot realistically afford a repayment plan, be certain to hire a bankruptcy attorney with whom you're comfortable. Debt Settlement - Debt settlement is the process whereby individuals (or a debt settlement firm hired to represent them) negotiate with their creditors to accept less than the full balance, as payment in full. Normally creditors will agree to settle your outstanding debt for 50% or less, either in one lump sum payment, or 4-6 installment payments. Debt settlement is best used by people who simply can no longer afford to pay their monthly bills, or are reluctant to commit to a long term repayment schedule due to unforeseen circumstances. Debt settlement has assisted many individuals and business that otherwise would have had no choice but to file for bankruptcy. Prior to making a final decision regarding your path to financial freedom, be sure to educate yourself in the areas of all of your options so that you're comfortable with your decision, and certain it is the right choice for you. If you'd like to learn more about debt settlement, click here.
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