Credit Card Delinquencies Hit An All-Time High, Indicating the Need to Better Manage Personal Debt
Credit card delinquencies hit a record high in the third quarter of 2003, according to the American Bankers Association. On the heels of this troubling news, the certified debt counselors at Novadebt have issued a call for all families and individuals to assess their personal financial situations and take positive, proactive steps to better manage their debt. Novadebt is a non-profit, social service organization whose mission is to counsel and assist people who are facing a debt crisis or just need help making ends meet.
(PRWEB) January 10, 2004 --The weak U.S. job market helped nudge credit card delinquencies to a record high in the third quarter of 2003, the American Bankers Association stated in a report released Tuesday. Credit card delinquencies rose to a seasonally adjusted 4.09 percent of all accounts in the period, from 4.04 percent in the second quarter, the report said. Delinquency rates for direct auto loans and home equity loans also rose, according to the ABA.
On the heels of this troubling news about credit delinquencies, the certified debt counselors at Novadebt have issued a call for all families and individuals to assess their personal financial situations and take positive, proactive steps to better manage their debt. Novadebt is a non-profit, social service organization whose mission is to counsel and assist people who are facing a debt crisis or just need help making ends meet.
Far too many Americans find themselves on the slippery slope of ever increasing debt, and they wait far too long to take the kinds of steps necessary to take control of their personal financial situation," notes Joel Greenberg, President of Novadebt. It is always a shame to see people who wait too long -- often to the point of mortgage foreclosure or personal bankruptcy -- before seeking out the services of a properly accredited credit counseling agency that can help them to regain their financial footing and put them on a sound path for their future," adds Greenberg.
Despite the up and down economic news that seems to headline every evening newscast, Greenberg points out that the current economic conditions have actually created an historic opportunity for people with financial difficulties to take control and get out of debt once and for all. With the Prime Rate remaining at its 40-year low of approximately 4%, there has never been a better time for Americans to get a handle on their personal finances and put themselves on solid financial footing," notes Greenberg. Its difficult for many people to believe, but the current economic climate is actually ideal for people with financial difficulties who are looking to get a handle on their debt," he adds.
Climbing out of debt and getting ones personal finances under control is the first, and often the most important step toward achieving true financial independence for millions of Americans each year. According to Greenberg, seeking assistance from a reputable, non-profit credit counseling agency is very often half the battle.
We encourage anyone who feels they may be getting in a bit over their heads financially to call us, especially before things spin out of control for them," said Greenberg. There is no cost or obligation, and most often we find that a few of the pointers or ideas that we can give over the phone are enough to start people back on the road toward financial security."
Many of our clients at Novadebt are amazed at how much progress can be made with so little effort on their part," Greenberg continued. I cant tell you how many times people have said 'I wish Id made this call years ago to me or one of our certified counselors at Novadebt. With the prevailing rates as low as theyve been in 40 years, now is the ideal time to make the call."
With offices throughout the country, Novadebt provides credit counseling and assistance to individuals with personal financial concerns. For a free, no obligation budget consultation where one of Novadebts certified credit counselors will review your household and living expenses, determine what your needs are, and recommend an appropriate resolution, call Novadebt toll free at 1-800-992-4557, or log on to www.novadebt.org.
An ISO 9001:2000 Certified organization, Novadebt has been in operation for over 13 years assisting consumers in getting back on the road to financial stability. Novadebt is a nonprofit, social service agency that is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA) and the Better Business Bureau, and is recognized by the United States Government as a charitable organization under 501 (c) (3) of the IRS Code. All of Novadebts counselors are certified through the Institute for Personal Finance.
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R&J Group
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