Debt consolidation is undoubtedly a good debt help option as it prevents you from filing bankruptcy and can help you to reorganize your finances. Of late, debt consolidation and debt settlement companies have come under the spotlight due to the wrong reasons. Although the economy is gradually recuperating, investor sentiment and consumer confidence hasn’t picked up yet. This is because the damage done by subprime mortgage crisis and its subsequent aftermath has left consumers hapless. More and more people started falling into debt and flocked to debt help centers.
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Remember when you listened to our 13 minute detailed overview at www.creditcardrip.com where we explained the Credit Card Companies change the terms and conditions on your unsecured debt when ever they want. What is good for the goose is good for the gander, so you could do it back to them. Well some did exactly that but most said Na… it’s too good to be true, what if it doesn’t work and I get sued?
Have you looked at the interest rate on your cards lately….if it hasn’t gone up to 29.9% it will be soon. You think that maybe they change the terms & conditions? You see next year, the law on how much interest they can charge (30%) is going into effect. Between now and then there is more money to be made! We all know that they are in a world of hurt and deserve it even if it forces you into file for Bankruptcy ..like Chapter 13.
How much more can we take?
Facing A Sharp Credit Card Interest Rate Increase?
By Chris Earl
Story Created: Oct 20, 2009 at 3:43 PM CDT
Story Updated: Oct 21, 2009 at 12:58 PM CDT
CEDAR RAPIDS - Claire Hanson has spent a quarter century helping people straighten out their bottom line. She is the owner of Financial Counseling Center in Cedar Rapids.
With some people facing higher interest rates on credit cards, Hanson said she hears the desperation in her financial counseling office in Cedar Rapids.
"It becomes a spiral," said Hanson. "A cycle. The timing is really out of sync."
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With all the talk about bankrupcty, debt relief, folk loosing their homes and all the unsecured debt (credit card) are you just going along on a wing and a prayer, forgetting about growth, barely managing to stay afloat? It is understandable that all the doom and gloom would get anyone down--even the latest national 10% unemployment news is not positive, however this is only part of the picture. What about the other 90% of the workforce who are still participating in the economy? Well they are looking for solutions to all this debt.
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