Superior Debt Relief
1-866-896-7616
Don't let your debt get the best of you. Credit card debt has been an ongoing problem in the United States since the credit card was created in 1950. The problem has been escalating for decades, and there seems to be no end in sight. That is what makes the debt settlement industry the right choice for your debt solution.
Debt Settlement can reduce your unsecured debt by 50%.
We can help you get relief from credit card debt much faster than you may believe possible with debt settlement and debt negotiation tactics, providing debt relief while avoiding bankruptcy, and helping you to minimize creditor phone calls.
You can complete the journey to becoming debt-free in as few as 12-36 months using debt negotiation and debt settlement techniques.
A careful analysis of your available options will reveal that Debt Settlement is the most effective, and certainly most pragmatic solution for debt relief. For example, no financial planner would ever recommend a mortgage refinance (one form of debt consolidation) to get out of credit card debt. It is substituting secured debt for unsecured debt and you could lose your home over a bunch of unsecured credit card debt if you get injured or can't afford your new higher monthly payments.
Here is a verifiable report -
77% of all people who refinance their way out of credit card debt are right back at the same level of credit card debt 2.5 years later with less equity in their home. This means that the initial debt was paid, but the debt problem still remains.
Why?
Because no behavior modification was needed. It was too easy to refinance out of debt. No change was made to the behavior patterns of the person with the debt problems, so the problem continues to create itself.
With a debt settlement program they would have to go without using credit cards for 2 to 3 years, which brings about a behavioral modification, while actually reducing the debt-to-income ratio and enabling a period for credit restoration.
Debt settlement is one of the methods used by mortgage consolidation companies to get a person qualified into a home that was denied financing due to having too high of a debt-to-income ratio.
We welcome you to research our background and our credentials. You will find we have been settling accounts for over 8 years. Contact us today so that we can put your debt behind you. Don't let it keep you from living free anymore.
1-866-896-7616
Don't let your debt get the best of you. Credit card debt has been an ongoing problem in the United States since the credit card was created in 1950. The problem has been escalating for decades, and there seems to be no end in sight. That is what makes the debt settlement industry the right choice for your debt solution.
Debt Settlement can reduce your unsecured debt by 50%.
We can help you get relief from credit card debt much faster than you may believe possible with debt settlement and debt negotiation tactics, providing debt relief while avoiding bankruptcy, and helping you to minimize creditor phone calls.
You can complete the journey to becoming debt-free in as few as 12-36 months using debt negotiation and debt settlement techniques.
A careful analysis of your available options will reveal that Debt Settlement is the most effective, and certainly most pragmatic solution for debt relief. For example, no financial planner would ever recommend a mortgage refinance (one form of debt consolidation) to get out of credit card debt. It is substituting secured debt for unsecured debt and you could lose your home over a bunch of unsecured credit card debt if you get injured or can't afford your new higher monthly payments.
Here is a verifiable report -
77% of all people who refinance their way out of credit card debt are right back at the same level of credit card debt 2.5 years later with less equity in their home. This means that the initial debt was paid, but the debt problem still remains.
Why?
Because no behavior modification was needed. It was too easy to refinance out of debt. No change was made to the behavior patterns of the person with the debt problems, so the problem continues to create itself.
With a debt settlement program they would have to go without using credit cards for 2 to 3 years, which brings about a behavioral modification, while actually reducing the debt-to-income ratio and enabling a period for credit restoration.
Debt settlement is one of the methods used by mortgage consolidation companies to get a person qualified into a home that was denied financing due to having too high of a debt-to-income ratio.
We welcome you to research our background and our credentials. You will find we have been settling accounts for over 8 years. Contact us today so that we can put your debt behind you. Don't let it keep you from living free anymore.
1-866-896-7616
posted by Superior Debt Relief @ 8:27 AM
5 Comments:
At 3/07/2007 3:32 PM ,
DebtMama said...
Panel slams banks over credit practices By MARCY GORDON, AP Business Writer
2 hours, 7 minutes ago
An Ohio man whose $3,200 credit card debt mushroomed to $10,700 with interest and fees told his story Wednesday to senators who denounced the industry for confusing billing practices and shifting interest rates.
Executives of three major banks defended their credit card practices as responsible and responsive to consumers' needs in testimony at the hearing of the Senate Homeland Security and Governmental Affairs' investigative subcommittee. Those from Citigroup Inc. and Chase Bank USA said their companies were eliminating some practices — including the one that hit Wesley Wannemacher of Lima, Ohio, with over-limit fees on his Chase card account 47 times although he went over his credit limit only three times.
The interest charges and fees on Wannemacher's account more than tripled his debt despite his having made payments averaging $1,000 a year over six years, noted Sen. Carl Levin (news, bio, voting record), D-Mich., the subcommittee's chairman.
"Unfair? Clearly, I think," Levin said. He said an investigation by the panel found that "sky-high interest charges and fees are not uncommon in the credit card industry. While the Wannemacher account happened to be at Chase, penalty interest rates and fees are also employed by Bank of America, Citigroup and other major credit card issuers."
Richard Srednicki, the chief executive officer of Chase Card Services, apologized to Wannemacher in his testimony. "In this case, we simply blew it," he said.
Srednicki said the company has decided it no longer will charge over-the-credit-limit fees to customers who have been in a chronic over-limit position for 90 days.
Wannemacher used a new Chase card in 2001 and 2002 to pay for expenses mostly related to his wedding. He had $3,200 in purchases, interest charges of $4,900, 47 over-limit charges totaling $1,500, late fees of $1,100, for total charges of $10,700 as of February. He paid $6,300, leaving a $4,400 balance — which Chase agreed to waive after he contacted the subcommittee staff.
"Debt seems to invoke a feeling of hopelessness unlike any other problem I've encountered," Wannemacher testified at the hearing. "When a debtor calls you on the phone and you make a minimum payment, you know that you've made no real progress and that in a month, they will be calling again."
Sen. Norm Coleman (news, bio, voting record) of Minnesota, the panel's senior Republican, said high interest rates on credit cards, "hefty fees and crippling penalties impede more and more hard-working families from pursuing their American dream."
The problem is worsened by the "impenetrable" language of credit card disclosures provided to consumers, he said.
While the credit card practices in question are legal, Levin is threatening possible legislation to outlaw them as a spur to the banking industry for voluntary changes.
Senate Banking Committee Chairman Christopher Dodd (news, bio, voting record) and other Democratic senators challenged credit card executives at a hearing in January over rising late fees and other penalties and marketing practices they portrayed as predatory. Dodd, D-Conn., said he was putting the industry on notice that if it doesn't improve practices on its own, legislation may be warranted.
Since Democrats assumed control of Congress in January, they have put a number of consumer issues on the legislative agenda. With Americans weighed down by some $850 billion in consumer debt, the practices of the robustly profitable credit card industry are a compelling subject for scrutiny.
Citigroup, the nation's largest financial institution, announced last week that it was eliminating the practice of so-called universal default — raising interest rates for card customers because of their failure to pay other creditors on time. In addition, Citigroup said it would eliminate some types of interest rate increases that have been criticized.
Credit card issuers raise customers' rates and fees, for example, when they believe it is warranted by conditions in the financial markets. But under Citigroup's new policy, rates and fees will be increased before a card expires only if the customer pays late, exceeds his credit limit or pays with a check that bounces. Or if the rate is linked to the prime interest rate, it would rise or fall in tandem.
Copyright © 2007 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.
Copyright © 2007 Yahoo! Inc. All rights reserved
At 1/03/2008 4:14 PM ,
kdotddot100 said...
Isn't debt settlement the same as consumer credit counseling?
At 1/07/2008 3:00 PM ,
collins38 said...
No. Debt settlement is not the same as consumer credit counseling. Let me explain.
Consumer credit counseling typically uses a program called a debt management program (DMP), which easily gets confused with a debt settlement program. A DMP consolidates all of your debts and factors an affordable monthly payment for you, which you give to the service. So instead of paying several creditors throughout the month, you only make one payment once a month. Then, the service distributes portions of that payment to each of your creditors. They concentrate on getting the interest rates lowered, so you still pay the interest, just a lower percentage. Some creditors may even refuse to lower their interest rates. This may be because many services are funded by the credit card companies, so lowering interest wouldn’t be as profitable for either institution. The process usually takes about 60 months and you'll discover you repay around 130% because you are still paying the interest, plus fees, to the service. Also, this shows up on your credit report as a Third Party Assistance (TPA), meaning you had to have help managing your finances. It can stay on your report for up to seven years and can be almost as damaging as having a Chapter 13 bankruptcy listed.
Debt settlement is also a form of consolidation in that you make one payment that goes into an account; however, the funds build up, and once a significant amount accumulates, the negotiators work on settling your accounts with your creditors. Accounts usually get settled for 30 to 50 cents on the dollar, ultimately saving you thousands of dollars. Everything is in your name, so there is no TPA listed on your credit report; what is listed is a zero balance and accounts are either "settled in full" or "paid in full." Typically, this process takes 36 months or less depending on the amount of debt you have and the amount you can contribute to your savings account each month.
At 3/06/2008 1:54 PM ,
Tom Thomas said...
What does TPA mean? How does this effect my credit?
At 3/14/2008 11:13 PM ,
Nygirl said...
TPA MEANS THIRD PARTY ASSISTED. THIS IS NORMALLY A TRADE LINE ENTRY FROM A CREDIT BUREAU. BASICALLY LETTING LENDERS KNOW THAT THE CONSUMER IS WITH A CONSUMER CREDIT COUNSELING FIRM AND A HIGH CREDIT RISK. I AM A MORTGAGE OFFICER AND HAVE WRITTEN LOANS WITH MANY BANKS AND ANYONE THAT HAD A TPA OR CCCS ON THEIR CREDIT REPORT WOULD NOT BE QUALIFIED FOR A LOAN. THESE ARE VIEWED AS A CHAPTER 13 BK. I COULD FIT A LOAN FOR JUST ABOUT ANYONE WITHOUT THAT ENTRY.
BEST REGARDS!!
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