Credit Card Companies continue to find new ways of Collecting Money from their Clients….
Andover, Massachusetts August 9th, 2010 – As American consumers continue to struggle with their debt payments, Credit Card Companies are increasing their efforts to collect their full balances. Credit Card Companies have been greatly impacted by the recession of the past 2 years. Late payments, non payments, and delinquencies are all at record highs. As these companies are generally publicly traded corporations they are responsible to their shareholders who want to see the company make a profit, and a substantial one at that. To overcome the rise in delinquencies and non payments Credit Card Companies are attacking the programs meant to help consumers escape debt.
Once a consumer decides or realizes that continuing to make the minimum payments will never have them debt free they start to look for some way to settle or reduce their debt load once and for all. Obviously the Credit Card Companies discourage this at all costs as it only chips away at their profits even more. A consumer who enrolls in a debt settlement program can expect the Credit Card Company to do anything and say anything to get them to start making minimum payments again. This has really increased in recent months as debt settlement becomes more and more popular and credit card profits continue to drop. Recent flyers being sent out to consumers who are late on their payments are meant to scare the consumer into making monthly payments again.
If a consumer wants to become debt free in a fast time period, making minimum payments is not the way to go. Debt Settlement firms are legally allowed to settle your debt for you, and any creditor who says they do not work with a debt settlement firm is either lying or stretching the truth. Certain companies have always said they do not work with debt settlement firms, but their Recovery Departments do. It is important for consumers to realize that Credit Card Companies are not their friends; they are a business just like the gas station that sells you gas and the super market that sells you groceries. The sooner Americans realize this, the less effective these scare tactics will be. Debt Settlement can help consumers eliminate their debt faster and for greater savings than any debt management or credit counseling service could. Of course there are bad actors in our industry, just like there are in every industry. If you decide to go the debt settlement route, research the firms you are interested in, look for a long history of greater than 3 years (the entire industry has seen huge growth over the past few years, largely from unregulated and unethical firms) and be patient. Every negotiation takes time, but in the end the goal of being debt free will be reached!
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
Really good post!