Unfortunately, debt is something we all have in one way, shape, or form. Whether it’s credit card debt, medical bills, or infamous student loan debt, American consumers owe a staggering $111.13 trillion in debt with numbers continuing to rise at alarming rate; $75 million per hour according to recent CBS news reports.
Undoubtedly, the Great Recession of the mid-2000’s hit American consumers hard. Thousands of people lost their career, homes, and savings. Though the economy has since shown strong signs of improvement and growth, six years later, many Americans are still coping with post-recession challenges. However, similar to Pandora’s box, some good did come out of the recession. Americans are truly resilient, and the recession forced many Americans to reinvent their entire lives, and discover their true calling. In addition, many families downsized and reevaluated their entire way of live, realizing that they can get by with much less and still enjoy life.
Following the recession, many Americans sought debt help and debt advice in order regain control of their finances. Debt relief centers saw a surge in clientele, and it’s easy to see why. Debt relief centers offer a variety of flexible debt relief options that can be tailored to any financial situation, regardless of the kind of debt that is owed.
Many people wrongfully assume that bankruptcy is their only means of ever becoming debt free. However, debt relief programs allow consumers to pay back their debt, or negotiate a lower rate, which in turn dramatically improves their credit score. Bankruptcy, on the other hand, can ruin a person’s credit for years.
It’s important to remember that just was there was a way into debt, there are several ways out. Continue.