Many consumers still struggling on the treadmill of to high interest rates are completely unaware that this situation does not have to exist. Paying an interest rate over 15% on a credit card is the equivalent of putting your hard earned money on a table and turning on a fan with a window open. If you do not have an appreciation for the point I just made, than perhaps you need to stop reading now.
In addition to the non-profit debt consolidation programs available, which will greatly lower your interest rates and pretty much keep your credit score in tact, their is also a Hardship Debt Consolidation Program offered by many banks through the non-profit program.
Here is how it works. If you are behind on your payments some banks will offer even lower rates than are available in the standard debt consolidation program and even many times lower payments. Here is just a partial list of the credit card banks that participate: American Eagle, Banana Republic, Chase Bank, Bank of America credit cards, BP Oil Cards, Circuit City and many more. If you are in a hardship situation, which can easily be determined during the Free Credit Counseling session, Chase bank, for example will lower the interest rate to 2%.
It never ceases to amaze me, in all my years of counseling, that so many consumers are resistant to taking advantage of these programs that are so readily available, until a crises strikes.
Might I suggest, that if you have credit card debt, you speak with a credit counselor and get a free quote on just what a debt consolidation program can do for you, as part of an overall personal debt management program and use your hard earned money to a more productive end.
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Written By:
Steven Ciantro
Certified Credit Counselor
American Debt Enders
877-766-2465
help@americandebtenders.com
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