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Consumers deal with rising debt

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The Federal Reserve's latest consumer financial survey data is one of the most comprehensive assessments Americans have and owed, showing that the average debt of American households with at least one credit card is growing.

The survey is updated every three years. Although most Americans seem to be avoiding credit card traps, there are still many people who are economically dominant:

– More than a third – 36% of people with more than $10,000 in debt have lower family income $ 50,000.
-13% of people who owed so many families earn less than $30,000.
– The percentage of disposable income used to pay for debt is still close to the highest level in history.
– From 2001 to 2004, the median amount of household debt in arrears rose by 33.9%.

All these are enough to prove that a large number of people are overdebt. So what can consumers do with rising debt? There are three main strategies: debt consolidation, debt counseling and debt liquidation.

Debt Consolidation

Debt consolidation is usually the best debt solution. Consolidation will not only bring finance back on track and historically pay off debt, but will not cause any damage to the credit record. It will usually free more discretionary income.

The best way to integrate is mortgage refinancing. With this, a new major home loan was used against the property to "roll in" other debts such as car payments, credit card payments, and so on. As long as the additional principal does not violate the provisions of the new mortgage plan, how much of these other debts can be added. These debts get a new mortgage immediately when they close.

Many times, although new loans may have higher mortgage payments, the total amount of monthly debt payments is lower, so more money is paid each month to continue paying the remaining debt.

The credit rating has also been raised by paying off other debts. Debt consolidation also simplifies the financial situation by consolidating multiple debts into a monthly payment.

Debt Counseling

Debt Counseling, sometimes referred to as "debt management," is the second option to regain control of debt. Through consultation, consumers began to provide only one month’s worth of debt service debt to the debt consulting company. The debt was not consolidated because the consulting company only paid and then paid the creditors.

As consumers are paid in strict accordance with payment methods, handling debt becomes easier. However, this choice may have a serious negative impact on credit records. In some cases, it may actually cause more harm than good.

Debt settlement

As the debt is repaid, the borrower tries to reduce the total amount of debt. This is also known as debt negotiation or debt arbitration.

As a last resort for consumers who have not paid their bills in time and have destroyed their credits, debt settlement is used to reduce creditors’ total "deductions" or write-off debt write-offs. The idea is to collect some money, not one. Paying debts by legal debt collectors can be very expensive and time consuming for the lenders.

Lender's ' debt settlement department negotiated to agree on new payments and extremely low returns. Typical settlements range from 25% to 65% of the original balance. Debt settlement will also have a serious negative impact on credit history.

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