Preferred Financial Services

Andover, Massachusetts July 28th 2010 – The rise of “free” credit report websites and services has been rapid and almost unregulated. Popular commericals from sites like Freecreditreport.com created a huge buzz for these sites and as a result millions of consumers signed up for their services believing they were getting a free credit report with no strings attached. The truth was in the fine print, like it almost always is. The sites offered a free credit report but only after the consumer signed up for a credit protection service or some other personal finance tool. Most times, this obigation was relegated to the fine print at the bottom of the site which obviously did not help the consumer make smart decisions. After enough complaining, congress acted and passed a law that required sites offering “Free” credit reports to post a link on their site stating….

“You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.”

It was hoped that with that link on each site consumers would not be as confused anymore about the service they were buying and could access their free credit report without paying for any unwanted service. While the law has lowered the number of complaints, 18 companies continue to host sites that violate this law. Today these violaters were given a letter from the FTC demanding they comply. Hopefully the government will become more aggresive at requiring compliance with this law so no more consumer is scammed into a service he/she does not want.

The complete list of violaters can be found at http://consumerist.com/2010/07/a-list-of-18-free-credit-report-websites-warned-by-the-ftc.html

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.

For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .

Contact:
Stephan Tavernini
Marketing Coordinator
Certified Debt Arbitrator
Preferred Financial Services
stavernini@pfs1.net

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Andover, Massachusetts July 28th 2010 – When researching debt reduction solutions online consumers will come across literally thousands of websites offering some sort of service to reduce a consumers debt for a fee. While debt settlement has been around for decades in some form, there continue to be false rumors and explanations of what exactly debt settlement is, how it works, and how it benefits the consumer. If you are debating between options in regards to your debt, please review some of the following FAQ’s and contact me if you have any further questions regarding the process, its consequences, and its benefits.

• What is debt settlement?

Debt settlement is a legal way for the consumer to settle their debt for less than the principal balance.

• Is there a cost for this service?

Yes, there is a fee for this service and will vary from company to company. The industry average is 15-20%. While the fees may be similar, there are other factors to consider as well. Always ask about the refund policy and also where your money will be going. A reputable firm will place your funds in a 3^rd party account that you will have supervision over.

• How will debt settlement affect my credit?

Debt settlement is not a credit enhancement program, it is a debt reduction program. If your goal is to reduce your debt amounts owed then debt settlement could be a great option for you. If your goal is to improve your credit score then debt settlement will not be a good option for you. Enrolling in a debt settlement program will most likely lower your credit score in the short term while negotiations are ongoing. Once your debt has been settled your score can improve. Keep in mind, your credit score is made up of many different factors including your total debt, payment history, available credit, and public records.

• How long will a debt settlement program take?

The length of the program will vary according to each individuals circumstances. Factors that can impact the length include total debt amount, number and type of creditors owed, as well as the availability of funds that can be used to settle an account. Typical programs vary in length from 18-48 months.

• Will I owe money to the IRS after completing debt settlement??

This is a possibility with any debt settlement program. Any debt that has been forgiven with a value over $600 cane be considered income by the IRS. You will receive a form from your creditors at the end of the tax year that will allow you to claim this as income. However, there are times when consumers are able to write off this income based on IRS guidelines.

• How do debt settlement companies determine a client’s suitability for a program?

Most reputable debt settlement firms will complete a budget analysis with each prospective client to determine if the program would be a good fit. This analysis includes an examination of the clients income and expenses.

• Will all of my debt be reduced through a debt settlement program?

Debt settlement firms handle strictly unsecured debts such as credit cards, personal loans, medical bills, etc. When successfully completing a debt settlement program the account balances on any enrolled account will show a zero balance, which is the primary focus of the program. Remember, to complete a debt settlement program takes a lot of patience and commitment from both the consumer and the debt settlement firm over a substantial period of time.

Are there any other questions you would like answered? What questions did you ask when you were enrolling in a program?

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.

For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .

Contact:

Stephan Tavernini

Marketing Coordinator

Certified Debt Arbitrator

Preferred Financial Services

stavernini@pfs1.net

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Andover, Massachusetts July 26th 2010 – As most Americans already know, the US economy has hit some major bumps over the past 2 years which have greatly affected the overall financial health of the country. The White House today released new estimates for the coming year on where our economy is currently and where it is heading. While some of the news is positive, the overall message coming out of Washington at the moment is that “We are trying, but get ready for a long and painful recovery.”

The newest estimate has our national budget deficit for the coming year at 1.47 trillion dollars meaning the US government is going to be borrowing 41 cents for every dollar they spend. The White House has blamed continued slumping tax revenues for the record deficit and there is no indication this will be improving anytime soon. The unemployment rate is at 9.5% currently and the new estimate has the rate staying above 9% for the remainder of the year. Obviously this is way above the historical average rate of between 5% and 6% and the President knows that his reelection campaign will face some serious opposition if he can not implement a plan to get people back to work.

The report released also outlined some of the main obstacles the USA will be facing in trying to shake off this recession and return to pre recession growth levels and prosperity. Banks continue to be reluctant when it comes to lending money to small businesses, the housing market continues to be a mess, and the continued worries about the euro currency will cause continued problems for economic growth. Although all of these issues remain very much a problem, the important thing to take from it is that the country has clearly weathered the worst of it. Unemployment has dropped from the high above 10%, the budget deficit for next year is projected to be less than this year, and the Fed continued to implement new policies that encourage lending. Will these positive steps be enough to overcome the increased uncertainty regarding new legislation as well as the continued pessimism among consumers or is the country entering a prolonged period of slow growth, high unemployment, and weak consumer confidence? Only time will tell. What do you think readers? Are you already seeing an improvement in your lives or are you still preparing for a financial Armageddon?

Preferred Financial Services is a debt reduction firm certified by the CFC (Center for Financial Certifications) and accredited by U.S.O.B.A. (United States Organizations for Bankruptcy Alternatives). Headquartered in Andover, Massachusetts, Preferred Financial Services has been a leader in the debt reduction industry since 2003. Preferred Financial Services has acquired some of the best experience in the industry over the past 7 years. In 2009 alone Preferred Financial Services reduced over $16.5 million worth of consumer debt for just $6.4 million, for a savings of about 60%- and over 2,900 accounts were settled on behalf of their clients.

For more information, please visit www.pfsdebtrelief.com or follow us on our blog at www.pfsdebtrelief.com/blog/ .

Contact:

Stephan Tavernini

Marketing Coordinator

Certified IAPDA Debt Arbitrator

Preferred Financial Services

stavernini@pfs1.net

Original Article:

http://news.yahoo.com/s/ap/20100723/ap_on_bi_ge/us_budget_deficit

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