President Obama proposed the new CARD act in 2009 which took effect last Monday. This law has quite a few consumers excited that credit card companies are going to be limited to the fees that they can charge you. Another change that you will be able to note on your credit card statements is that the credit card companies are now going to be required by law to tell you how long it would take you to pay off your credit card debt if you only paid the minimum payment. It seems as if this will be a good move because consumers can now see that they will be paying their minimum amount for years to come! Possibly even tens of years!
As these consumers view how long it is going to take them to pay off their debt, and how much money they will be paying back (in interest, fees, etc), they are hopefully going to seek help. There are many options currently available to help these people find a way out of debt. When seeking assistance with this debt, a simple Google search could confuse the consumer since things like: debt settlement, debt counseling, debt consolidation, bankruptcy, debt negotiation all appear. Which to choose?
Debt settlement is a process where the third-party company that is working for you will negotiate your unsecured debt balances with your creditors and settle for an amount that is usually significantly less than what you owe. Debt consolidation is basically borrowing money to pay off your old debt, but you are still in just as much debt…it is just new debt instead of old debt.
Are these new reflections on your credit card statements going to give you the motivation to get out of debt? The Debt Settlement Program offers a negotiation program that has no upfront fees. With no out of pocket expenses, what is there to lose? You’re going to lose your debt and learn how to live a life free of unsecured debts. Visit their website today for more information about the exciting and cutting edge program they just released. If you feel more comfortable on a telephone, give them a phone call at 1-877-386-3603
