Credit Card Debt Relief - How Tighter Bankruptcy Regulations Have Increased Debt Settlement Filings
Credit card debt relief has become bigger than ever recently for a number of reasons. One such reason is in direct accordance to the new bankruptcy laws of 2005. These tighter bankruptcy regulations have directly increased debt settlement filings.
Online, June 1, 2010 (Newswire.com) - Credit card debt relief has become bigger than ever recently for a number of reasons. One such reason is in direct accordance to the new bankruptcy laws of 2005. These tighter bankruptcy regulations have directly increased debt settlement filings.
Many people that need desperate credit card debt relief are left with only a few options. Generally, the first places that are recommended for people that are in emergency credit card debt are debt consolidation and credit counseling. If someone is in a truly emergency situation then these options will not be possible. Debt consolidation is the process of obtaining a low interest loan to pay off the high interest credit cards but with a high debt to income ratio it makes this option nearly impossible. Credit counseling can be great but if you are in a position where you can not afford your current minimums then the payment for the debt management plan that is created is going to be far out of reach.
With these options out of the way most people didn't have a choice but to turn to bankruptcy to handle their credit card debt relief . After 2005, and the tighter bankruptcy regulations, consumers did not have any idea on where to turn to get out of severe credit card debt. Over the past few years debt settlement has turned into a legitimate option and filings have increased at a faster rate than ever. Debt settlement can be a great option for someone that can't afford to meet their minimums and would like to avoid bankruptcy. It can lower their monthly budget and reduce their balances to a much lower rate.
Credit card debt relief can be a very scary process for someone that is at the point where bankruptcy seems like the only escape. Debt settlement has put many people in a position where they can finally get some breathing room and find their way back to financial independence.
To locate legitimate debt relief companies it would be wise to visit a Free Debt Relief Network that will provide free consultations to debt ridden consumers to determine which debt relief option makes the most financial sense.
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Tags: bankruptcy, credit card debt, credit card debt relief, debt consolidation, debt settlement, unsecured debt
