Credit cards send a shiver down my spine and the aftermath of over using them, could present itself like something straight out of an Arnold Schwarzenegger movie. If you've sunk into the mire your options may become limited to bad credit debt consolidation I can just imagine Arnie on the end of the phone dishing out "structured words of advice." "You need da' debt consolidation, gets yourself da' debt consolidator ... or I'll be back!"
Unfortunately, and I am not trying to make excuses for credit card users, consumers tend to be manipulated by the banks. In good times credit seems to enter the lives of the masses largely uninvited and in many cases unwanted. The banks lend at an incredible pace to try and keep up with each other and justify their own over inflated bonuses. Naturally, at the time we don't complain as we are afforded the opportunity to join a high flying, albeit short lived, standard of living which really we should only aspire to. The buying power which is laid out on a plate for us "lends" a feel good factor to the masses who sign up to it. The problem is that banks never advertise the whole picture to those innocent people whose lives they will possibly go on to ruin at a later date.
What is credit card debt consolidation? That's fairly simple, credit card debt consolidation and the route to finding your solution to the set of problems associated with credit card debt consolidation would be best given by a debt consolidator, who contrary to initial expectations may actually achieve massively reducing your monthly outgoings. CODE - It's what they don't tell you to expect at the end of the credit boom, when everybody decides it's time to get their money back!
Most credit cards whilst convenient, charge very high interest rates if the balance is not promptly cleared at the end of each month. Your debt consolidator will simply take all of your outstanding commitments and attempt to lump them together into a longer term loan which can attract a much lower rate of interest and as a consequence, reduce your outgoings. Sounds simple really doesn't it?
Bad debt consolidation is an entirely different beast with separate yet associated problems to bad credit debt consolidation and the two shouldn't be mixed up.
Bad credit debt consolidation occurs to people who far from just being overstretched, have actively ignored their commitments, payments and quite legitimate pleas from creditors to contact them. Such individuals enter a risk category which even a debt consolidator may find difficult to help them escape from. Generally, the solutions to such cases often attract much higher interest rates and therefore any savings will be lower. Such cases may be extreme and other options such as IVA's and bankruptcy may be the only way forward for people in this situation.
The credit problem is helped along by a natural trait of the human race, which in the UK has been labeled "keeping up with the Jones'!" Effectively it is keeping one step of your natural competitor, be it a neighbor, friend, sibling, business competitor or otherwise, and I think it is in built in our gene pool. I am equally guilty of wishing to be able to keep up with those Jones'; in fact recently I was involved in the procurement of a 44 inch television set for my office. As seen in the background of my profile picture, said television is approximately 2 inches bigger than its equivalent in our other office, and that's not a coincidence!
Whilst that example is not going to get me or our business into any trouble, the principle rolls out through all walks of life and does put temptation in the way of those who, if it wasn't for the Jones' would probably lead a fairly ordinary life. Oh how boring that would make us all!
These days we are all waking up to the err of our ways and unfortunately the new business boom is occurring within the credit card debt consolidation industry where the very people who are involved in solving bad credit debt consolidation issues are the new generation of Ferrari or Cadillac owners. There is good news, and whilst blood can't be squeezed from a stone, it is not in the interest of these businesses to completely ruin your life as they will never see their money back. If you contact a bad debt consolidation business they will do their utmost to keep you afloat so that over time their debt consolidator advice will lead their clients to be reimbursed for the best part at least of what you owe them.
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