CREDIT CARD DEBT
Credit card debt is an example of unsecured consumer debt. It results when a customer of a credit card company does not pay the company for the money he or she has spent. The results of not paying this debt on time are that the company will charge a late payment penalty and report the late payment to credit rating agencies.
Sometimes the late fees and high annual percentage rates (APRs) overcome consumers who frequently do not pay off their debt, and often the customer declares bankruptcy or uses the "Skip a Payment" option some companies, like Next Month Online, offer. If a customer files for bankruptcy, the credit card companies are required to forgive the debt.
Because forgiveness of debt reduces likelihood of profit and continued survival, the companies are generally willing to offer another deal to the consumers in danger of bankruptcy. This deal consists of reduced APRs, removal of past late fees and penalty charges, and reaging the accounts so that the credit agencies see them as late accounts.
US consumer debt has reached staggering levels after more than doubling over the past 10 years. According to the most recent figures from the Federal Reserve Board, consumer debt hit $1.98 trillion in October 2003, up from $1.5 trillion three years before. This figure, representing credit card and car loan debt, but excluding mortgages, this translates into approximately $18,700 per US household.
Our debt settlement program achieves debt relief by reducing the total amount you owe through a documented debt negotiation process. We negotiate with your creditors to forgive a portion of your balance based on your financial hardship so you don't need to declare bankruptcy!
Stop dragging around those credit card debts, medical bills or department store charge card bills. Act now and you can AVOID BANKRUPTCY and ACHIEVE DEBT FREEDOM!
Our program allows you to achieve savings of up to 70% or more of your credit card balances!
