Article by Janice Banker
Millions of people find themselves knocking at the door of bankruptcy due to insurmountable credit card loans. Spending money with a credit card is so easy to do until you realize the card is maxed. Then you have to pay huge bills just to keep the card active.
Most people who find themselves in this predicament start paying their minimum required payments by using a second or third card. This juggling of finances soon catches up with them because the credit card loans come with huge interest payments attached to them.
Because of the accumulating interest on the outstanding balance, they find themselves buried in debt. Filing for bankruptcy is a common path taken, but a credit consolidation loan is preferable.
The Credit Consolidation Loan is the Answer
Before taking any action, many people let their financial troubles spiral out of control. This is the biggest and the most common mistake that indebted people make. Rather than seeking help at the first sign of trouble, they wait until the very last moment when they have few options
The terms and conditions would have been better at the first sign of financial distress. Nonetheless the credit consolidation loan can take care of the worst possible financial mess.
The credit consolidation loan can be negotiated to suit your needs. Unfortunately, the person who needs it rarely asks for better terms for a couple of reasons. First, they feel too relieved to find a way out from bankruptcy, and, second, they do not believe that they are eligible for any negotiation.
The negotiable terms are the installment amount (monthly payment), the period of repayment the rate of interest and the amount of loan for consolidation of debts. Keep in mind that the longer the period of repayment, the more you pay in interest. By negotiating these terms you will be able to arrive at the best possible solution for climbing out of the financial situation in which you find yourself.
At no point in time should you think that y! ou have no choice. Even in the most hopeless situations, you will still have a say. Be sure you do so when you apply for the credit consolidation loan.
About the AuthorJanice Banker monitors the Bad Credit Loan Consolidation industry, writing articles to assist consumers in their financial options. Read more at the Loan Consolidation Guide.
Watch the full episode here empowerme.tv The big lending institutions are at it again, making high interest loans to people who have no ability to pay those loans back. Only this time it isn't home loans . . . it's credit cards! The financial community made billion last year in credit card fees. Citibank just announced it's 7th straight profitable quarter and a 74% jump in quarterly profits. Bank of America made .2 billion in the third quarter, Morgan Stanley announced 3.8 Billion. They're lending to unqualified buyers at usurious rates. Why lend money for 30 years at 4% when you you tap into a 20%-plus opportunity that people can't escape from, even in bankruptcy? We currently have more than 800 million credit cards in circulation domestically, more than two for every man, woman and child in the country. These predatory practices are targeted towards students and those in need, then packaged in complicated derivatives that kick off high returns . . . hence the 80% interest rates currently legal thanks to our compromised Congress. Look out, this crash will be more frightening and wider than the last one. Demand credit card reform before it's too late. Follow our network on twitter @emPOWERmedottv twitter.com You can also like us on Facebook for show updates! www.facebook.com Video Rating: 4 / 5
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