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Best Syndication
July 6th 2006
With the rise of interest rates, debt consolidation is becoming more common. It entails taking out one loan to pay off many others, and is often done to secure a fixed interest rate or for convenience. It is easier to write one check than many.
It may also be advantageous, especially if you are consolidating credit card debt into a fixed home loan. Although there is some risk in converting unsecured debt into secured debt, there may also be a tax write-off. Also, the change in the bankruptcy laws has made it more difficult to remove debt via bankruptcy. Consolidation could also entail placing unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, which is often a house.
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"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
The hot new savings machine: paying off your credit card.
By Selena Maranjian
The Motley Fool.
Updated: 7:31 a.m. PT July 6, 2006
It's awful to be saddled with credit card debt. But you're not alone. A big chunk of America is struggling under the crushing load of credit card debt -- and "crushing" is a rather appropriate word, given that many of us are being socked with interest rates above 30%.
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See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
By Dave Anderton
Deseret Morning News
American households piled on more debt between 2001 and 2004, while their net worth barely increased.
According to the Federal Reserve Board's most recent Survey of Consumer Finances, U.S. families took on 34 percent more debt from 2001 to 2004, while net worth during the same period increased just 1.5 percent.
The triennial survey, which asked questions on income, assets and debt, tracked roughly 4,500 families representing a cross section of the country.
The report said that as debt levels rose during the three-year period, families devoted more of their incomes to servicing debts, despite a general decline in interest rates.
Click here for the Article!
See my Consumers Eliminate Credit Card Debt website link.
"Relieving The Burden of Debt From Americans, One Family At A Time"
© 2006 Copyright www.creditcardrip.com Eliminate Credit
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