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05 Bankruptcy Reform Act has passed: Credit card holders struggling with options as minimum payments set to double
DTS Financial explains bankruptcy alternatives that consumers should be aware of.
Moorpark, CAOctober 1,north face jackets sale, 2005-- Credit card debt is crippling the nation?s economy. With the new bankruptcy law having been passed and the minimum credit card payment expected to double, consumers now have very few options when dealing with their mounting debt,canada goose sale, according to Alex Viecco,canada goose coats, Vice President and co-founder of DTS Financial Group,north face uk, Inc.
During the latter part of the fourth quarter,ugg boots uk, most credit card lenders are expected to act in accordance with the standards set down by the Office of the Comptroller of the Currency (OCC). Most lenders are expected to double the minimum payment from 2% of the balance to 4% of the balance. The new standards require credit lenders to apply more of payment sent in towards the principal. The good news surrounding this is that fewer consumers will fall behind on their debt payments in the future; the bad news is that in the interim,cheap uggs, consumers that cannot pay any more will be forced to file for bankruptcy. "We want the public to know that there are viable alternatives other than filing for bankruptcy,? states Viecco. Listed below are the five options:
1.Ignore the problem and hope things get better. This is obviously the least effective and can only compound the problem.
2.Debt Consolidation loans. Not everyone owns a home in order to tap into the equity. Also,women north face jackets sale, most of the lenders are going to charge high interest rates due to the consumer?s current financial state.
3.Credit Counseling. These firms negotiate with the credit lenders on the interest only. This industry is backed by the credit card companies.
4.Bankruptcy. This was an alternative that many chose but with the passing of the Bankruptcy Reform Act,women moncler, it is no longer a possibility for many consumers.
5.Debt Settlement. This is the quickest route to eliminating consumer debt. This option usually results in settlements that significantly lower the original balance and there is no bankruptcy judgment on consumer?s records after completion.
About DTS Financial
DTS Financial Group,women north face jackets, Inc. (www.DTSfinancial.com) provides consumers a solution to credit card debt through their Debt Settlement Program. Based in Moorpark,canada goose outlet, Calif., DTS Financial is a member of the BBB,the north face jackets, has more than 2000 clients nationwide,north face clearance, and has settled more than $20 million worth of consumer debt.
Contact:
Keith Baldwin
DTS Financial
http://www.DTSfinancial.com
888-632-3328
Author Info:
Keith Baldwin
DTS Financial
www.DTSfinancial.com
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