By knowing the whole loan process and the various option that one has in terms of repayment, borrowers will be more cautious about their debt choices.
Miama, FL (PRWEB) April 10, 2013
CreditCardConsolidationLoan.org believes that education is the first defense in the accumulating debt that the country is currently struggling with. By knowing the whole loan process and the various option that one has in terms of repayment, borrowers will be more cautious about their debt choices.
The alarming rate by which debts, specifically students loans, are increasing should be a cause for concern by the average American household. Graduates of the past decade are slow to invest their personal wealth (either in a business or a personal asset like homes) because of the loans acquired to attain higher education.
The New York Federal Reserve Bank shows that student debts are continually rising since 2005. In the last quarter of 2012, the student debt amounted to $966B - solidifying its position as the second largest debt that Americans are dealing with (next to mortgages). What’s alarming is the fact that the age group with the most percentage of that debt belong to those under 30 years of age. They have a total of $322B in debt, followed closely by the 30-39 age group with $321B. As of Q4 in 2012, the average student loan balance stands at $24,800 per debtor.
At present, the government is trying to provide assistance to help people with a lot of student loans. In March 21, 2013, a bill was introduced in the House of Representatives. It is currently known as the Student Loan Fairness Act. This bill will initiate a program that will seek to provide assistance and reprieve for individuals burdened with student loans. Not only that, an interest rate cap will be enforced to help keep debt accumulation at a reasonable figure.
While all of these information point towards a helpful future that makes student loans easier to get out of, the company behind Credit Card Consolidation Loan firmly believe that educating the young about debts should be a primary course of action. In fact, one of the services that the company offer includes educating clients on financial management skills. This is done with the intention to keep them out of a financial crisis.
It is important that debtors and future borrowers be made aware of the potential perils that unmanaged debt can bring. The company’s ties with National Debt Relief will help provide a rich resource that will assist any debt-ridden consumer. National Debt Relief provides services that encompass various debt solutions for clients on over 30 states. The main company operates from New York and is fully accredited by the BBB (Better Business Bureau) and is a proud member of the AFCC (American Fair Credit Council).
Visit CreditCardConsolidationLoan.org to know how debt consolidation can help solve debt troubles.