Are you a credit card user? Do you use it excessively and are now in trouble because
of mounting debt? I intend to inform you of some facts regarding credit cards and the debt that accumulates because of them. Hopefully this will help you.
First thing you should know is that is that if you are in credit card debt in excess of $10,000 and are making minimum payments to your credit card company then you will keep paying them for the rest of your life without ever getting rid of your debt. You might ask how that happens. Well it goes with the minimum payments program that your credit card company has employed. It is designed in such a way that you will keep accumulating interest even when you are making monthly payments. So you keep plunging deeper in to credit card debt without getting rid of it. $10,000 is the number that many agreed is a good number to start settling accounts with. Many creditors will reduce your debt by 50% if you can pay the rest in cash. This is how consolidation companies work.,
Most individual bankruptcies in America are the result of excessive credit card debt. The reason for this is that most Americans do not know how to act wisely with a credit card in hand. Even more so why many Americans are not able to afford to get help and should seek out a non profit debt reduction agency.
Remember; never trust a credit card company when it says that it cares for you. They don't. They only care for your money and they know how to trap you in to a vicious cycle from which it is difficult to get out. It's how they do business and make profits.
Once you have this information you must contact your local finance office or your debtor's office to get more on the federal policies regarding debt relief. You can work with them directly to work out some understanding or they will give you the information to help you out.