Credit Card Debt
Did you know that credit card companies earn about 75% of their revenues from the interest paid by borrowers who do not pay in full each month?
Currently, there are well over a billion credit cards in circulation. Studies have shown that consumers have an average credit card debt of more than $10,000 and that approximately 60% carry the balances owed from month to month.
Industry analysts estimate that making minimum monthly payments on a credit card with a balance of $2,500 will take 34 years to pay off and would exceed 300% of the original principal balance owed.
Congress is currently investigating the credit card industry and the practice of raising consumer’s interest rates, in some cases as high as 30%, when their FICO score declines – even if the consumer has paid their credit card bills on time each month.
There are over $600 billion dollars worth of Adjustable Rate Mortgages currently due to reset in 2008, in many cases adding an additional $350 or more in monthly mortgage payment increases. It is projected that 1.44 million American homeowners will enter into the foreclosure process in 2008.
If you are struggling with credit card debt or can not balance your current debt with an increase in your adjustable rate mortgage, there are Debt Help solutions available to you.
You maybe qualify for Consumer Credit Counseling, Debt Settlement and/or a Foreclosure Prevention Program.
New Leaf Debt was founded by specialists in each of these areas and has established a national referral database of the top companies in each of these industries. Each company has agreed to provide a FREE confidential financial evaluation for any New Leaf Debt applicant, with no obligation to you.
So, if you are struggling, you are not alone. Let us find the right Debt Relief solution for you.
