Consumer Debt Relief Programs

Consumer Debt Relief Programs

Come one, come all! There are consumer debt relief programs for everyone!

Just the Facts

Did you know...

• The average college student owes $2,800 in credit card debt, not including student loans. If the interest rate is 18% and he pays $50 a month, it will take him more than ten years to pay it off, and he will have paid a grand total of $6,154.
• A $10,000 debt at 18.5% interest typically takes 32 years and $24,500 to pay off if you don't pay more than the required monthly minimum (assuming that's still 2% of your balance).
• The average household carries $9,312 in credit card debt. At an interest rate of 14% would take 13 years to pay it off if you only pay the required monthly minimum (4% of your balance). This means you'll be paying back $13,090.81.
• The total balance of all U.S. credit cards is $665 Billion
• The American Bankers Association showed that 4.81% of all accounts are past due by 30 days or more.

These are very telling statistics--telling us there's a real need for consumer debt relief programs. That's okay though, because there are plenty of consumer debt relief programs out there. And there's a debt relief program for everyone. For instance:

• There are consumer debt relief programs specifically for homeowners called debt consolidation mortgages.
• There are consumer debt relief programs for people whose primary debt is student loan debt called student loan debt consolidation.
• There are consumer debt relief programs for people with a lot of money saved (just not enough to pay everything off in full) called debt settlement programs.
• There are consumer debt relief programs for people with collateral called debt consolidation loans.
• And finally, there are consumer debt relief programs for people who have debt but no resources like those listed above called debt consolidation.

Once you enroll in a consumer debt relief program, you can look forward to being done with your debt in about five years. Compare that to the time frames mentioned above. Not only will you be out of debt sooner, but since most of these consumer debt relief programs focus on reductions in interest rate, you'll save a lot of money too. Is debt relief in your future? It probably is now!

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