Even as more Americans are piling on debt, fewer are seeking counseling or other kinds of relief to try and get their finances back in order. Poverty has increased. Unemployment stubbornly hovers around 9%. Meanwhile, consumers accumulated $18.4 billion more in credit card debt in the second quarter than they did in the first quarter, according to a new study from CardHub.com. That is up 66% from the same quarter in 2010 and up 368% from two years ago. “People need help more than ever, but they are not coming to us,” says Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling. “I think some are just tired of trying and have given up.” Consider: The number of people who went to a credit counselor declined 20% last year from 2009, and the downturn has continued so far this year, the NFCC says. Fewer consumers are signing up for…
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The ghastly cost of Halloween costumes, decorations and “treats” can be a spooky reality for consumers suffering with high credit card debt. The National Retail Federation (NRF) says it expects total spending on Halloween in the U.S. to reach $6.9 billion in 2011, up 18% from last year. With consumers already struggling with high credit card debt in the United States, this trend could be a scary signal for Americans tempted to add to those totals this Halloween season. “70 percent of those asked in the NRF survey said they plan to celebrate Halloween in some way, and the average person will spend $72.31 on decorations, costumes, and candy,” said Etta Money, president of InCharge Debt Solutions (InCharge), a nonprofit credit counseling organization. “If that Halloween spending is planned as a credit card expense, people need to seriously consider the many less costly ways to enjoy the event.”
The credit crisis has lead to many Americans facing increasingly out of control debt. People looking for a solution often consider debt consolidation as an alternative to bankruptcy. Each approach has distinct advantages and disadvantages, but not everyone understands the legal and technical consequences involved in deciding between the two. Debt consolidation or debt management usually means working with a credit counseling company who specializes in working with creditors to arrange lower interest rates and/or monthly payments on delinquent credit accounts. Generally, you enter into an agreement with the credit counseling agency and make your payments directly to the agency, which then pays your creditors. Debt consolidation may also refer to obtaining a large loan to pay off smaller loans, which does not reduce debt unless you obtain a better interest rate. However, debt consolidation can be expensive and full of problems the counselors may not fully disclose. Not every…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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