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1 Dec
Did you use your credit card this Black Friday? As a debt settlement blogger, I honestly hope your answer is no. According to recent polls taken of the American consumer, more holiday shoppers will be using cash this year to avoid the penalty fees and outrageous interest rates that most credit card companies are charging.
24 Nov
Are you saving your holiday shopping for the big sales? Maybe waiting for Black Friday before you open that wallet up for friends and family? Well, you’re not alone. Everyone is saving, searching for the best deals, and being more financially responsible with the little budget they might have for holiday shopping.
While a steady decline in sales since last October has slightly leveled off, amazingly sales of electronics have gone up, as well as online sales. It’s no surprise that online sales are increasing, now that consumers have become both more financially responsible as well as more internet savvy.
4 Nov
Is the economy turning around? Well, we’ve heard all the experts say that it’s finally on the right track, but what does that really mean to American consumers struggling with credit card debt and facing a 10% unemployment rate?
Strictly looking at the numbers, it does seem like some things are getting better, while some, like the job market, are continuing to struggle. According to Time, consumer spending went up 6.6% over the summer, and Gross Domestic Product grew 7.2%. These are amazing numbers, taken completely alone. However, American’s lost over 165,000 jobs during that same time and the unemployment rate isn’t improving.
2 Nov
The plight that farmers and ranchers in our country face is a devastating one, especially during a recession. Hard work and family land just doesn’t pay off like it used to, and farmers are plummeting into debt. While congress argues over health reform and the ‘economy turning around,’ our farmers and ranchers are delving deeper into debt.
According to HealthReform.gov, which has recently taken on the issue of rural America’s healthcare disparities, one in five hard-working farmers, ranchers, and rural Americans have medical debt that they cannot afford to pay-off. The problem with that statement is that all of these families took out second mortgages on their homes, perhaps lost their homes and land, and maxed out their credit cards to stay out of debt.
27 Oct
It’s that time of year again. It’s the time of year when you eat too much and spend more money than you have, and dipping into that credit card becomes all the more tempting. Of course we all want to get our friends and relatives the perfect gift to show them how much we care, but using the credit card should not be an option, especially if you’re already in debt or are recovering from financial strain.
As a consumer focused site, we like to help you out with some money saving tips for the holidays to keep you away from using those credit cards. This is the time of the year when putting the “holiday” credit cards in a box in the closet is probably your best option. Continue Reading
22 Oct
Bankruptcy and medical bills; you could say the two terms literally go hand in hand these days. It’s amazing when you take a moment to stop and really look at the numbers. Take into account that we are heading for a record-breaking bankruptcy year, it’s extremely difficult to ignore the fact that “something’s gotta give.”
According to CreditCards.com, we are on a fast track to filing 1.4 million bankruptcies this year. We’re already at over 1.07 million, and the number is climbing very fast. Wrap this number around your head; 6,000 bankruptcies are being filled every month nationwide! With the Credit Card Act changing the game of the credit industry, and the unemployment rate at around 10% nationally, and health insurance companies taking advantage of everyone, it really shouldn’t be a surprise that bankruptcy numbers are through the roof.
12 Oct
“First, credit card companies took advantage of stagnant wages to push credit cards way beyond what working families could sustain. Today, credit card companies are cutting back consumer credit and raising fees to save themselves from financial ruin. The economic crisis whose recovery requires more spending on goods and services (that provide jobs) is thus worsened by credit card companies whose actions reduce spending. Meanwhile, real wages are not rising to once again relieve workers of the need to borrow. So unemployment worsens, foreclosures grow, and the underlying causes of the economic crisis go unattended.” (Richard Wolff, professor emeritus of economics at the University of Massachusetts, Amherst)
I came across this quote this morning and thought that it sums up perfectly the American Consumer’s situation, how we got here, why we got here, and how we’re going to get out of this financial mess. Credit card debt has always been the root of the problem, along with fraudulent companies lending thousands to consumers who shouldn’t have qualified in the first place. Credit card debt has gotten us to where we are, and, unfortunately, it is the spending on ‘goods and services’ that will get us out of this mess, spending that consumers are still not able to do.
8 Oct
Debt Settlement Companies – Fraudulent Practices Getting Spanked in Illinois
Chicago has seen its share of disappointments in the past few days, with losing the Olympic bid and with the recent needless murder of a young man in the streets. Things have been rough for the Windy City, but at least someone is stepping up and making some changes.
The debt settlement industry has always been scrutinized for not upholding promises made to consumers who are already struggling. They have always been harassed by the Federal Trade Commission for taking advantage of those in financial strain. And for good reason. Many of these companies are extremely shady and want nothing more than to take your money and run. It seems to be common theme among debt settlement companies.
7 Oct
Some new credit card numbers have been released from Credit Karma this month, reviewing the past few months of consumer credit debt history. Good news! We are slowly getting gout of debt!
29 Sep
After much discussion and financial stress, you’ve decided that it’s time to get some help getting out of debt. You are taking that first step towards financial freedom by realizing that you just can’t do it alone, and someone needs to give you a helping hand. So, now what? Where do you turn? How do you even begin to search for a reputable company that will help you out of debt without emptying your bank account and wallet.
Accredited and reputable companies are out there in the debt settlement industry, but, we won’t lie, they are hard to find. You have to know where to research, what questions to ask, and how to trust your instincts. It’s your debt, your hard earned income, and your decision. Let no one, no matter how salesly or how many promises they make, take away that gut feeling you might have about a company. There’s always time and always more companies that are willing to work with you. Remember, they are hurting just as much as you are in this rough economy. You have the upper-hand.
