Are you in debt? Do you live in America? Probably. Most of America’s debt lies with its people. With so much credit card debt burdening everyone down, it’s no surprise that the economy is doing so terribly. No one has any spare money to spend! Because of this, your creditor will more than likely help you reduce your balances by 50% and even more, depending on what you balance is. Many companies will help you if you have over $10,000 in debt that you owe.
That’s why you need to know your legal rights when it comes to having debt. There are many questions each day we get about bad debt and how to get out of it. This article has been written to tell you about your free options with your creditors.
Most consumers don’t know much about how they can reduce this debt. Not many at all know that they can, in some cases, even have their credit card debt completely erased for them! This is through the Obama credit card reform bill. It provides money for people that are deeply caught in credit card debt to help reduce their debt. In a few instances, it can even eliminate the credit card debt completely!
Did you know that if you have $5,000 in credit card debt, it can take you up to 20 years to pay that credit card debt off?For most people, a charge this large on their account would completely destroy their credit rating, and would put in, most likely, into filing for the dread Chapter 13, or even Chapter 7 – bankruptcy. This is not a good solution to your debt.
So, you can see that there are many option available to help you out of debt – you just have to know where to look!There are many non profit companies in your local region that would be more than happy to help you with your debt troubles.
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