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Credit Repair Business Opportunities - Huge Profit Potential!
In the world today, many people are further in debt than they realize. When they finally come to understand they need help, they are on the brink of bankruptcy. However, President Bush’s signature on the new bankruptcy law has changed this option....
How To Get A Bad Credit Student Loan or Student Loan Consolidation To Help Your College Education?
The best time to start getting information about bad credit
student loans and student loan consolidation is your junior year
in high school. In order to determine the exact amount of the
loan that you would require, you should research thoroughly...
Personal loans for bad credit can discipline repercussions of negative credit
Bad credit is like an ongoing battle for many loan borrowers. Bad credit has many repercussions for the people when they apply for personal loans. You usually are branded as a bad credit borrower if you have anywhere in your credit history terms...
Repairing Credit Essentials
There are essentials to repairing your credit and building your
history. It depends on your situation, but in most cases you can
find a way out of any debt situation. Debt relief is a stressful
situation. When times are hard the last thing we...
Understanding your credit report
If you have never read your credit report it can be a little
difficult to understand at first glance but the good news is
that your credit report gives you all the information you need
to strengthen your credit, where you need to work on...
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Credit Counseling – Get in Line Now to Avoid the Upcoming Rush
Credit counseling is a valuable service for consumers who have trouble managing their finances. A distinctly different service from debt consolidation, credit counseling assists consumers with problem debt by educating them about the basics of money management. Americans really don’t get the education they need about how to manage bank accounts, balance checkbooks, or pay bills on time, and credit counseling can provide these services as well as others. By educating consumers, counselors hope to reduce the number of debtors who are forced to file for bankruptcy. Anyone whose financial situation is such that they would benefit from credit counseling may wish to seek it out in a hurry, however. A number of different factors are coming together in such a way that the counseling industry may soon be completely swamped with more clients than it can handle.
Recently passed bankruptcy legislation, designed to reduce the number of consumer bankruptcy filings, will now make credit counseling mandatory as a prerequisite for a bankruptcy petition. Anyone who wishes to file for bankruptcy relief must first demonstrate that he or she has undergone credit counseling during the past six months. By requiring counseling as a condition of debt relief, Congress hopes to reduce or eliminate repeat filers. The counseling industry is preparing for the additional customers now, as the new law is set to take effect in October 2005.
Other factors will weigh heavily on the counseling industry, however. A 2003 law passed by Congress requires credit card companies to raise their minimum payments so that their customers can repay their balances more quickly. This has resulted in the near-doubling of
minimum payments, and the average American household, which has a credit card balance of $10,000, will see their minimum monthly payment rise from $200 to $400. Since many households can only afford the minimum payment now, the hike in the minimum due may drive more Americans into counseling and bankruptcy.
The increased reliance upon interest-only mortgages and low-interest adjustable rate mortgages could be a factor, too, if home prices either fall or fail to increase as they have. The sky-high prices in many markets have led homebuyers to purchase more homes than they can really afford, often using mortgages that are themselves riskier than the traditional 30-year loan. Should interest rates rise or housing prices fall, tens of thousands of homeowners will find themselves with loans that either exceed the value of the home or are unaffordable.
Those in the credit counseling industry say that this is a critical time, and the combination of new laws, fragile markets, and credit card industry overhaul could push a number of consumers towards bankruptcy and mandatory counseling. Anyone with problem debt who might benefit from counseling should consider doing so sooner, rather than later, as qualified credit counselors may be quite busy this fall.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending .
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