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Featured Debt Experts of Gail Kaspers www.top1percentclub.com
In a May
2013 Story from InsideArm.com
which is the newsletter for the debt collection industry, literally 15% of
Americans with any type of credit account have at least one of those accounts in
collection and appearing on their credit report. It is higher than in the last
quarter of 2012. That number is from the 1st quarter of 2013, and is
a new record. The only bright spot is that the balances of the collection
accounts is slightly lower. Could that mean that consumers are seeking help
earlier?
Here is
what the picture looks like going back 10 Years:
Just as I have always maintained in all my
writings, this is a new economy and not about to change anytime soon. The
dollar devalues every year by a significant amount thanks to the policies of
the Federal Reserve Bank, and consumers simply must use credit, or money which
they do not have to bridge the gap. Each year the problem becomes a bit more
severe than the year before.
Given
enough time payments on the debt become unmanageable and the consumer must find a solution. Very often that solution becomes a conversation with a
credit counselor, and also often a Debt Management Program will simply not
lower the payments enough to make a difference. Note: A Debt Management Program
was created by the banks over 20 years ago. It will lower interest, but not
usually lower the payment in a significant way, any credit cards placed into
the program must be closed but the debt is paid back in full in less than 5
years. For a further explanation of how this works, simply visit: what is a
debt management program.
If the
consumer cannot meet the minimum payment in a debt management program then they
begin exploring debt settlement programs. The essence of a settlement program and a very basic explanation is that the creditor will
accept much less than the original debt amount that is currently owed, rather
than get nothing if the consumer completely defaults. For a more detailed explanation
of this debt resolution program simply
visit debt settlement program explained. The fact that debt settlement programs have
become a huge industry should speak volumes confirming the fact that we are in
a totally new economic environment, and one that is not about to change at all.
Can you imagine your parents and grand parents talking about entering a debt
settlement program to get out from under credit card debt. Chances are, your
grandparents didn’t even have credit cards. Imagine living your whole life
without having anything like a credit card to fall back on in an emergency, and
you will really begin to understand just how different our economic times have
become.
So what is
the bottom line. Along with the new economy has come a multitude of highly regulated and effective debt relief programs to help consumers recover
from the oppression of debt. And, clearly, as we have just seen, if you need to
avail yourself of one of them, know that you are not alone.
If you
would like to subscribe to this free debt help newsletter, simply visit, www.freecreditcounselingblog.com
and leave your email address. If you need debt help simply use one of the phone
numbers listed below. A counselor will be happy to help, and the talking is
always free.
Yes, in an article appearing in Insidearm.com recently,
Elizabeth Warren has introduced a bill with no cosponsors in which the rates
charged by the Federal Government for student loans would be set to the same rate
charged to banks when banks borrow money from the Fed. The bill is Senator Warrens attempt to preempt
the Increase in interest charged on student loans beginning in July of 2013.
Essentially the bill would allow students to borrow at the same rate now
enjoyed by the banks when they borrow money from the Federal Reserve, which is
as of this writing essentially 0.75%.
Average interest rates currently on Federal student loans is 3.4%, but is expected to rise to 6.8% come July 1st. It goes like this, when
banks borrow money to lend to the consumer they get the money at .75%, but make
a very tidy profit, depending on what exactly they charge in interest. It
should be noted here that in 2010 banks were essentially taken out of the student
loan business as they were federalized and brought under the Dep’t of Education
in 2010.
It is anticipated that the federal Government will
bring in about 37 Billion dollars in profit next year on student loans, as
things now stand. It is interesting to note that last year when Congress was
faced with this same issue it elected to put the matter off to this year, and
here we are.
So with all this as background, it is interesting to
note the actual comments
made to the original story when it first appeared in Insidearm.com.
As it is, the Feds under the Dep’t of Education now
offer many debt relief
programs for students struggling under the burden of payments they cannot
afford regarding student loan payments.
You know. Johnny got the degree, but now cannot get a
job, and has the student loan to pay back. He has used up all his deferments
and the defaulted student loans are causing some problems. What sort of
problems you ask? Well, for one thing, if Johnny wants to now work for the
Federal Government, then he has to get his loans under control, because in the Federal
work arena they are somewhat touchy about having debts you are not dealing
with. If you are in the Military, chances are you will not be promoted if you
are just ignoring your debts. Additionally, going back to school to advance
your education, on a student loan, is pretty much not going to happen, until
you correct any default on your current student loans.
The idea that every American is somehow entitled to a
college education
of his or hers choice is a topic for another article.
Now back to what I started to say about the comments on
this article.
Here is one
of them: (name withheld) you are out of touch on student loans. Most students
will never pay back their loans for one reason or other.
(Another:
(name withheld) “Mike, you are out of touch on student loans.”
Of course I
then realized that these comments are posted by debt collectors, because, except
for myself, that’s you reads this publication. They are already not very happy
that they cannot collect in Student loans as of 2010.
But here is
the real bottom line. If you are saddled with a student loan and cannot afford
to make the current payments, there are
many programs now available through the Dep’t of Education which can lower the
payment, and even in some cases make the payment on the interest due on the
loan and reevaluate your situation each year.
I am a
credit counselor, that is my only interest here, and that is to help you live
a debt free life, and so that is my sole purpose for writing this article. So
if you are stuck in a debt situation and need help, whether it is student loans or another
type of debt, please feel free to use one of the phone numbers and links below
for a free credit counseling session, over the phone and see what your options
are, because there are always options, and make it happen for yourself, because
no one can do it for you.
In a previous article on the subject of payday loans
and
trying to get help to extricate yourself from them, I indicated
that now available and for consumers who reside in states
where payday loans are illegal, to see the list visit: Payday loans debt settlement.
I am not going to debate the merits of these loans in
this article.
I think that the problems and the need for this service should
be apparent to anyone. This new economy of unemployment,
working down, earning less, and going into debt to simply
survive should be apparent to anyone breathing. Unfortunately the
problem is only going to get worse. This is the same reason
that people are pushing their credit cards to the max, and then
at the end of the cycle simply enrolling in a debt settlement program
and then starting the cycle over again.
These are simply the observations of a credit counselor
who has been helping people get out of debt for over ten years.
So, if you need debt relief of any kind, why not call one of the numbers below
for a completely evaluation of your situation, along
with all the solutions, so you can begin sleeping again.
Top 1% Club Expert Steven Ciantro says as a partner and featured expert for the Top 1% Club, you are not
only able to view many of my articles, but you will also have the opportunity
to learn from Top 1% Club Mentor Gail Kasper, one of the nation's leading
professional speakers, a television commentator, and a life and business coach.
Membership costs you nothing and if you join now, you will be eligible to receive a
complimentary set of Gail's new books.
It can
be frustrating when you ask your child to tidy their room and they tell you,
"In a minute." That minute stretches into five, then twenty, then
sixty, but the room remains a mess. Or how about when your child has had three
weeks to work on a school project, but she hasn't done a thing and now she's
rushing through it because it's due tomorrow? I'd say a lesson on avoiding
procrastination is in order.
But what
if the one who inadvertently taught your child to procrastinate is YOU? If your
son or daughter has learned to put tasks off to the last possible minute from
watching you do the same, don't scold your child and don't beat yourself up.
Instead, take action! Teach yourself to avoid procrastination, and you'll
become a fantastic role model of efficiency for your child.
My
self-empowerment tool called Systematic Attitude Development-Technique (SAD-T)
teaches people to take action and get results, especially when they feel stuck
or unmotivated. I've included three action items below, taken straight from
SAD-T, to give you an effective strategy for avoiding procrastination.
1. Formulate a plan. You have a job to do,
but you keep putting it off because you have no idea where to begin. Lacking a
roadmap, you don't know what to do, how to start, or even what's involved to
get the job done. To get out of this crippling state of uncertainty, the first
thing you must do is develop a plan. Write down what needs to get done and how
you plan to approach the job. Don't worry about all the details yet. Just
capture on paper a big-picture plan listing major goals and activities.
2. Create a detailed list. Once you've
written down the major points of your plan, its time to define and refine. How
will you accomplish the goals listed in your plan? What steps will you take to
get from point A to point B? What specific tasks need to get done to complete
each goal and activity in your plan? Here's where you work out all the little
details, getting as specific as possible. If you can, give each task a time
frame.
3. Now do it! You've got your roadmap,
you've got your detailed list of specific tasks. All you have to do now is jump
in and do it! Follow your step-by-step plan, and keep that momentum going. You
can be sure that your kids are watching and learning from you. By beating
procrastination through a systematic, logical approach, you're setting a great
example for them to follow.
About Gail Kasper: Mid-1998, Gail Kasper started her business
from a small one-bedroom apartment, in the middle of bankruptcy, with no money
in the bank. Today, Gail is one of the nation's leading speakers, author, Top
1% Club Mentor, a television host, advice columnist, Certified Fitness Trainer,
Ms. Continental America 2008, and the creator of SAD-T™ (Systematic Attitude
Development-Technique™). A former Contributing Editor
to Success Magazine with the "Ask Gail" column and host of
the "Ask Gail" segment on the Comcast morning show, Gail is the
author of her self-help autobiography Another
Day Without A Cage: My Breakthrough From Self-Imprisonment To Total Empowerment and
the self-help parable Unstoppable: 6
Easy Steps To Achieve Your Goals. With national media appearances that
include Inside Edition, The Today Show, FOX Business News, and Oprah
and Friends, Gail has earned the ranking of an in-demand national media
personality who has been the topic of discussion on Regis and Kelly. The
current host of the Philadelphia Visitors Channel, she has also made numerous
appearances on network affiliates that include ABC, FOX, CW11, Comcast, and
CBS, where she co-hosted the Emmy award-winning America's TVJobNetwork. www.gailkasper.com
OK, get ready, because here it comes. Governor Duval
Patrick,
of course of very recent note, in the Boston Marathon Bombing,
said regarding his new budget that in looking to close loopholes,
he is looking to tax the value of your college scholarship. Oh yeah,
that will definitely encourage higher education. Here is the source of the
story: Taxing College Scholarships
This is just one of the many personal
exemptions the Governor is trying to get rid of. And while his new budget
may not pass in its entirety, that does not mean that individual parts will
not.
“Frankly,
I don’t think we should tax anything. We’re overtaxed. We should be cutting
taxes to grow the economy,” Kuhner said. “The state government has more than
enough money if they would go after the waste, fraud, and abuse.”
In all seriousness, I am not suggesting that you are entitled to a free college
education, however, when you simply consider the return on the
investment of a college education in todays world, I would suggest choosing
very carefully what your career path will be. Every day, I speak to graduates who are totally stressed out over their Federal and private student loans,
because their seems to be no end in sight to a final payoff. At least as far as Federal Loans go the Dep’t of Education has many programs to relieve the payments and lower the interest rates on your Federal student loans.
You can get a free no obligation quote on federal student loan relief by
visitingconsolidate my student loans.
Where you can download a simple one page application to get a free quote.
What about other types of debt including private student loans. Well,
if your private student loans have gone to collection, then they may qualify
for a debt settlement program.
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