Demand for debt counseling is at a record high; 17 straight quarterly fed rate hikes, slowing home values (harder to get a debt consolidation loan), rising tuition costs, rising gas prices, bankruptcy reform the list of consumer catalysts into debt counseling programs just seems to keep growing. But what are your options and which program is right for you? Read on.
First, some startling statistics: there is over $13 trillion in consumer debt out there, and over $2 trillion of it is revolving. When interest rates rise, that revolving debt hits the consumers pocket book. For example, it has been estimated that over $2 trillion of mortgage debt that is based on adjustable rates (ARMs or Adjustable Rate Mortgages) is going to re-adjust over the next 2 years increasing American consumer interest fees by over $50 billion! What does it mean, it may mean that you cannot afford to pay your bills, and for many people, that means credit card debt payments are too high to afford which leads to Debt Counseling.
Debt counseling could mean a variety of things, from a traditional debt management plan that cuts interest rates and lowers monthly payments to a more aggressive...
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