With the current economic crisis, a lot of the common people are having difficulties overcoming their credit card debts and loans that most of them resorted to filing for bankruptcy. When Lindsay’s father got sick and was rushed to the hospital it never occurred to them that he would be staying in the hospital for a very long time. Since what they have saved and what his father’s company is able to pay out for their hospital bill is not enough, her mom applied to loan and now they are stuck with what is termed medical debt.
As their loans piled up one on top of the other a friend of her mom’s suggested that she checked through the various debt consolidation options offered by the many financial firms in the city. When going through debt consolidation it is a must that the debtor creates a negotiation letter but when you hire a pro they create the diy debt negotiation letters for you.
Ever been on a debt you feel like you can not get out of? If the answer to that is yes then you are not alone. Statistics shows that an average American owes at least $9000 on credit card debts alone now isn’t that scary or what? According to another study by the American Bankruptcy Institute 391,873 people filed for bankruptcy in 2002 and that an American household would have a minimum of 13 credit cards. So imagine the struggle one must have had on a monthly basis in order to pay all these debts and not to mention other types of loans typical families would have on top of their credit cards. The trend with financial firms and institutions these days is to offer consumers what they call debt consolidation where in you would take on loan to pay all other loans. The same thing also applies to the consolidation of credit card bills which is called credit consolidation in these types of financial arrangement there is often debt negotiation in place to suit both the company and the debtor.
It is better this way rather than have the debtor claim bankruptcy, they get to pay off their loan at a cheaper rate and in a reasonable amount of time.
This credit card company who provided me my very first card just gave me a second one after one year of being according to them a good payor. Now this second credit card they gave me has the same credit limit as my current one … scary. I haven’t used the second one yet and I have no intention of doing so … I placed it somewhere I don’t remember lol. I’ve known quite a lot of people at work who are stumped with debts, with 5 to 6 credit cards all maxed out to debts with various debt companies. Its a wonder they can still afford to dine at fancy restaurants. Take for instance this gal I met couple of years back, when we eat somewhere just for the heck of going out … she’d always pay using her plastic. Its like everything is done using the plastic which is scary coz she’ll never be debt free with what she’s doing. From groceries to shoes to eat outs she’s plastic dependent. *sigh* Then I know of another gal who basically worked just to pay her plastics, like every pay day there’s just about a thousand thats left of her pay after paying her bills and thats not even all of them. Imagine 3 cards all mazed out … with a credit limit of 75K each plus additional loans from banks and lending companies. Wouldn’t that scare you? Am not the world’s perfect and debt free person but my finances are more than A OK. I have bills to pay and I’ve managed to meet them on time, they’re not suffocating me yet but with these people I know … am not sure if they’re even able to sleep peacefully knowing they owe a lot of companies huge amounts of money. Good if they’re in the states where there are various companies that offer debt consolidation programs to help you pay off your bills in a timely manner … but these companies don’t exist in PI so creditors are left on their own.
