Article by matt couch
A number of individuals are facing credit card debt nowadays. The biggest reason for this is the economic recession in US. The recession saw many people losing their source of income or reduced salaries. This forced them to turn to their credit cards to meet their daily expenditures. Credit card loans became the need of the time. The number of people taking these loans kept on increasing day by day. The recession was not going to end in a matter of days. The dependency of people on credit card loans kept on increasing.
The credit card companies also gave out of control loans in order to earn more and more money out of interest. However, things did not turn out the way they expected. People were unable to return their loans on time. The companies, as a result, were unable to get a huge amount of money back and were facing bankruptcy. The consumer, on the other hand, went under massive credit card debt because of the high rate of interest. This situation was not encouraging for the economy.
Bankruptcy has never been considered good for the economic stability of a country, as it severely affects the smooth flow of money in the market. People were starting to fill for bankruptcy due to such massive debts. Bankruptcy, however, has a lot of adverse effects. Although it can help you overcome your debt fast, there are some very long lasting side effects. You may loose your assets as a result of this decision. It completely seals your chances of getting any loans in future, because of severe damage to your credit rating.
Any running business may immediately be shut down by the authorities. Your accounts may be sealed. The insult you have to face is separate. Due to so many disadvantages of bankruptcy, the debt settlement options are much better and should be the top priority. Bankruptcy should be your last debt relief option. Debt settlement provides an extremely effective, legal, convenient, and respectful way to overcome your debt. It does not cause much damage to your credit rating an! d you ca n overcome the debt without any burden on your finance.
Debt settlement is the best alternative to bankruptcy and usually makes financial sense for consumers with over k in unsecured debt. Consumers can expect to eliminate 50% of their unsecured debt on average. To find legitimate debt settlement companies in your state and get free debt advice then check out the following link.Free Debt Advicecontact us for free debt advice =8883613619
About the AuthorCreditCardDebtSurgeons.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.
http://www.CreditCardDebtSurgeons.com
Ahead of its time this is a cartoon animation that's been up on the web since 2006 and is all about the credit crunch crisis. Credit card spending and loans from banks are in their trillions of dollars and something has to give. We no longer spend what we have earned, we spend what we havn't earned on the back of house price rises and yet more loans. The banks are prospering and fat cats are awarding themselves massive bonuses, but it cannot continue. Beware the debt time bomb may bring the walls of the western world clattering to the ground. Song arranged and performed by Old Man Pie, with animation by Stuart (formerly of The Pie). Song written by Kyle Christie and (c) Kyle Christie 2006. Credit crunch credit crunch credit crunch! Video Rating: 4 / 5
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