New York, NY (PRWEB) July 05, 2013
Debt Consolidation Whiz, an online resource for debt relief information released an article entitled “Out Of Control Credit Card Bills”. This article meant to provide readers with insight on how credit card debt can really get out of hand and how difficult it is to overcome the problem that it causes.
The article published on June 20, began by narrating how credit cards can easily be availed before the recession. A booming economy gave credit card companies the confidence to issue accounts to consumers who do not have a steady income to support payments. This is also true for mortgages and auto loans.
What the article is driving at is that while generosity helps keep the consumer economy thriving, it became a problem when the decline happened. The article narrated how people lost their homes, valuable possessions and still landed in a heap of debt. The country was in some serious card trouble because people relied on credit cards to support even the most basic of expenses. The problem continues to escalate as the credit card bill shows an amount that the consumer cannot pay off.
The article then concludes how the need for credit card debt help must be sought and that a third party debt relief service provider can play a huge role in debt freedom. Debt Consolidation Whiz warns how consumers must take extra care in choosing the company that they will hire to help with their debts. If they choose the wrong company, the consumer could end up losing hundreds or thousands of what they could have saved had they gone to a better debt relief company.
The article suggests that credit counseling programs can be an option to solve debt problems. This program restructures the debts of the consumer and negotiates for a lower interest rate on the current debt. The article then cites the benefits of credit counseling:
1. Credit counselors directly work with creditors and lenders for interest rate negotiations. They have a close working relationship with creditor which makes it easier to do business and haggle for a lower rate.
2. Counselors can stop creditor and collection calls.
3. Credit counseling can accept any debt amount.
The article is also quick to point out certain disadvantages. The programs usually take long to complete. The longer payment term allows the lower monthly payments but it usually costs more in terms of interest amount - even with a lower interest rate.
Debt Consolidation Whiz suggests that consumers consider debt settlement as a way to get out of debt too. They believe that the potential to have a part of the debt forgiven could sound appealing to those who are burdened with credit card debt.
To read the whole article, visit Debt Consolidation Whiz.
The website is an online source of information about debt relief and debt consolidation. The site also provides debt relief company reviews for consumers looking to hire a debt professional.