Those who are shackled by debt now will not have enough saved for retirement and will likely need government support
COLUMBIA, Maryland (PRWEB) November 14, 2006
Americans continue to play a dangerous game with their financial future, as consumer debt is rising faster than personal incomes and shows no sign of abating, according to the Federal Reserve.
Agencies providing the CareOne Credit Counseling Service specialize in debt management by helping Americans combat a problem that's rapidly becoming an epidemic, and may become worse in the coming months. With interest rates on the rise and the housing marketing cooling, overextended homeowners are facing high increases in monthly mortgage payments, which in turn will put more pressure on personal debt.
The dramatic change of America's consumer debt is staggering when the numbers are revealed. U.S. debt doubled to $2.16 trillion as of October 2005 from roughly $1.3 trillion in 1998, according the Federal Reserve. Personal bankruptcies were at an all-time high in 2005, and credit reporting agency Experian estimates that one in every 11 consumers has at least one credit card that is more than 90 days past due.
"Those who are shackled by debt now will not have enough saved for retirement and will likely need government support," writes John Wasik, columnist for Bloomberg News and author of 'The Kitchen-Table Investor.' "It is in the country's best interest to acknowledge that the consumer debt problem needs to be addressed."
The days of the debt collector as someone knocking on the door of just the poor and downtrodden are over. Middle and even upper middle-class Americans are relying on what has been called the "plastic safety net," where consumers use credit cards for their basic living expenses. While Americans are seemingly ignoring taking steps to manage debt, the debt-collection business is booming, with the ranks of collectors doubling to more than 162,000 in the last decade, according to an August report in the Boston Globe.
The problem of debt relief may be going unnoticed by policymakers, but the CareOne Credit Counseling Agencies are attempting to change the downward spiral and offer sound debt management. The CareOne Service is focused on changing the country from debt-ridden to debt-free. CareOne Credit Counseling Service sets the standard for the industry, requiring CCAs (Credit Counseling Agencies) to meet a strict code of conduct by providing clients with information that's forthright and guidance that's second to none.
CareOne agencies' revolutionary five-step approach to debt management is changing the industry. The five steps to debt relief help clients pay less, pay faster, pay every month, avoid future trouble and, most importantly, get the respect they deserve. The CareOne Service ensures that clients receive first-class treatment by demanding that its CCAs offer around-the-clock access to accounts and electronic payments, provide monthly statements and support, and ensure the highest standards of privacy.
"U.S. consumers are reeling and not getting the debt relief they need," said CareOne Credit Counseling spokes person Clarky Davis. "The best debt consolidation services distinguish themselves by offering one-on-one service with care and compassion, giving clients the support they need every step of the way. That's the benchmark of any quality debt management service, and CareOne Credit Counseling doesn't just meet that standard. We beat it."
Clarky DavisSpokes Person
CareOne Credit Counseling Services
8930 Stanford Blvd
Columbia, MD 21045