Massive debts from excessive credit card use are a telling indication of the low level of financial literacy that many Americans have. National Debt Relief reveals the many harmful consequences of immoderate credit card use and offers strategic moves to help people get out of debt.
New York, New York (PRWEB) November 02, 2012
The global economic recession exposed the unhealthy spending habits that many Americans had and continue to have. Credit card debt to this day remains to be the third largest form of debt in the US, which effectively shows how many easily lose control over the spending power of this small plastic card. Recent articles of the debt consolidation company, National Debt Relief, reveal the extensive negative financial impacts of debts accumulated from excessive credit card use; however, the company also shares the most strategic solutions to reduce credit card debt.
According to the official figures that came out for the second half of 2012, the average level of debt most Americans have is significantly more than what they earn in a year. The easy conclusion is that a large portion of these debts come from credit card purchases. Debts can alter how people live and not just in terms of downgrading one’s lifestyle. They can create so much stress in a person’s life that can lead to health complications, which, in turn, are known to cause further financial setbacks. Moreover, debts compromise credit reports that may result in denial of loan applications and even limit employment opportunities since many companies nowadays require a credit report from their applicants.
National Debt Relief believes that nobody has to remain financially stranded for a long time; that’s why it offers smart strategies for debt relief that even the most financially-challenged can employ. These include some of the tried-and-tested options, such as self-payment initiative, which involves the person in debt changing his lifestyle and personal budget to harness all the goods to be able to pay off his debts, and filing for bankruptcy. Other strategic measures include debt management, which is a program of credit counselling services for troubled credit card holders; consolidation programs; and debt relief program through debt settlement.
Among discussed strategies, many gravitate towards debt settlement. NDR associate Paul Ritz provides the following definition: “It basically involves a debt relief company negotiating with the creditors on your behalf. The goal is to allow them to agree to a settlement wherein you will pay for a portion of the debt (ideally this should be a sizable amount but not equal to the total balance) and the rest will be forgiven.” Compared to other options, many find this the best move as it offers them more flexibility to recover from debt. To help people further understand the conditions of this special strategy, NDR has released articles entitled, “The Truth About Debt Settlement” and “Is Debt Settlement Right For Me?”, which explain the dynamics of this debt relief method.
For more advice on debt-related matters, visit http://www.nationaldebtrelief.com .
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/NDR/prweb10051642.htm
This article (National Debt Relief Exposes the Perils of Excessive Credit Card Use and Reveals the Best Solutions to Debt) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.