Credit card debt has been an ongoing problem ever since the credit card was created in 1950. People were going into debt at an astounding rate. It wasn’t very long before the people were in so much debt that they couldn’t possibly pay it all back.
The federal government noticed that Americans were in over their heads. So they invented a plan and called it “Credit Counseling”. Credit counseling was created as a means for the average American to find out what steps he could take in order to relieve his debt. The credit counseling companies were supposed to set up a payback plan that would get the average American out of debt within 10-15 years. This plan failed miserably.
Nobody has ever gotten out of debt using a credit counseling plan. In fact, those that joined the plan found themselves in the same amount of debt 10 years later. Credit counseling had failed. So the federal government steps in again.
The federal government paved the way for debt consolidation companies to join the mix. Debt consolidation allows you to take out a loan, using your equity, to join all of your debt into one lump-sum loan with one payment. ...
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