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Defeating the Onslaughts of Crippling Penalties with Debt Relief

Defeating the Onslaughts of Crippling Penalties with Debt Relief O The total amount of consumer debt in the US is $2.4 trillion in 2010, that is $7,800 per person America's debt statistics O 33% of the debt is revolving debt(credit card debts) and the 67% is loans ( car loans, student loans, mortgages and the like) O The average credit card debt per holder is $5,100 and expected to increase to $6,500. O The average consumer carries 4 credit cards while the average household carries $6,500 of debt. O On the average, clients seeking financial counseling were $43,000 in debt. Of which consumer debts are $20,000 and $8,500 revolving debt. O 4.5% of cardholders are 60 or more days late in their payments Credit Counseling O Roughly 2 – 2.5 million Americans O Credit counselors assist with unsecured debts such as personal loans and credit card debts seek the help of credit counselors O They do not work with secured loans like mortgages and car loans. O However, they will consider your entire debt load when creating a budget and repayment plan. O Offer a debt management plan to renegotiate your debts and obtain lower interest rates including voluntary reductions in the principal amount. Debt Management Plan - debt relief solution for repayment of a borrower's unsecured loans Advantages of a Debt Management Plan O Helps to stay more organized & punctual with bills & payments. O Creates realistic monthly budget with a financial goal. Plan A Your current creditors may see you more favorably & agree to lower your interest rates or waive certain fees. Plan B Credtors or collectors have incentive to stop calling. Plan C An Making regular & timely payments can improve your credit report & credit score over time. Debt Consolidation to combine two or more debts into one loan. Make paying off debts more manageable Lower interest costs Typically, wih lower monthly payments. Help you get out of debt faster Protect you credit rating Debt Settlement means you negotiate one or more debts to a lower total amount owed. O Credit Card Debt - by far the most prevalent type of debt in the US Other debts that qualify for settlement: O Personal Loans O Apartment Leases O Utility Bills O Cell Phone Bills Private Student Loans O Medical Debt O Auto Repossesion Overage Balances O Mortgage 'Short Pay' Palances Bankruptcy Statistics O There were 1.3 million individual bankruptcy filling in the US O The average monthly income of all debtors was $2,781 while the average reported expenses were $2,837 O The average assets held by the individuals seeking bankruptcy was $166,200 while the average debt was $210,800 By 2011, the bankruptcy filings of consumers have risen to 97% meaning that businesses make up only 3% of the bankruptcy filings. Total Number of Bankruptcy Filings 2.5M - 2M 1.5M 1M E 50OK Year of Bankruptcy Filings 1980 1985 1990 1995 2000 2005 2010 References: http://www.expertlaw.com/library/finance/credit_counselor.html http://www.debt.org https://www.philadelphiafed.org/consumer-credit-and-payments/payment-cards-center/ publications/discussion-papers/2011/D-2011-Demand-for-Debt-Relief.pdf ProjectDeblRelief www.projectdebtrelief.com Defeating the Onslaughts of Crippling Penalties with Debt Relief O The total amount of consumer debt in the US is $2.4 trillion in 2010, that is $7,800 per person America's debt statistics O 33% of the debt is revolving debt(credit card debts) and the 67% is loans ( car loans, student loans, mortgages and the like) O The average credit card debt per holder is $5,100 and expected to increase to $6,500. O The average consumer carries 4 credit cards while the average household carries $6,500 of debt. O On the average, clients seeking financial counseling were $43,000 in debt. Of which consumer debts are $20,000 and $8,500 revolving debt. O 4.5% of cardholders are 60 or more days late in their payments Credit Counseling O Roughly 2 – 2.5 million Americans O Credit counselors assist with unsecured debts such as personal loans and credit card debts seek the help of credit counselors O They do not work with secured loans like mortgages and car loans. O However, they will consider your entire debt load when creating a budget and repayment plan. O Offer a debt management plan to renegotiate your debts and obtain lower interest rates including voluntary reductions in the principal amount. Debt Management Plan - debt relief solution for repayment of a borrower's unsecured loans Advantages of a Debt Management Plan O Helps to stay more organized & punctual with bills & payments. O Creates realistic monthly budget with a financial goal. Plan A Your current creditors may see you more favorably & agree to lower your interest rates or waive certain fees. Plan B Credtors or collectors have incentive to stop calling. Plan C An Making regular & timely payments can improve your credit report & credit score over time. Debt Consolidation to combine two or more debts into one loan. Make paying off debts more manageable Lower interest costs Typically, wih lower monthly payments. Help you get out of debt faster Protect you credit rating Debt Settlement means you negotiate one or more debts to a lower total amount owed. O Credit Card Debt - by far the most prevalent type of debt in the US Other debts that qualify for settlement: O Personal Loans O Apartment Leases O Utility Bills O Cell Phone Bills Private Student Loans O Medical Debt O Auto Repossesion Overage Balances O Mortgage 'Short Pay' Palances Bankruptcy Statistics O There were 1.3 million individual bankruptcy filling in the US O The average monthly income of all debtors was $2,781 while the average reported expenses were $2,837 O The average assets held by the individuals seeking bankruptcy was $166,200 while the average debt was $210,800 By 2011, the bankruptcy filings of consumers have risen to 97% meaning that businesses make up only 3% of the bankruptcy filings. Total Number of Bankruptcy Filings 2.5M - 2M 1.5M 1M E 50OK Year of Bankruptcy Filings 1980 1985 1990 1995 2000 2005 2010 References: http://www.expertlaw.com/library/finance/credit_counselor.html http://www.debt.org https://www.philadelphiafed.org/consumer-credit-and-payments/payment-cards-center/ publications/discussion-papers/2011/D-2011-Demand-for-Debt-Relief.pdf ProjectDeblRelief www.projectdebtrelief.com

Defeating the Onslaughts of Crippling Penalties with Debt Relief

shared by seospin on Mar 25
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This is an infographic on debt relief options. Everyone needs a little help once in a while. If you feel that your debt is going out of control, then now is the perfect time to get involved in the deb...

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