Debt Relief

Debt Relief

Looking for debt relief? Believe it or not, your creditors want to help.

"Help" from Your Creditors

Bless their little hearts. Your creditors recognize your need for debt relief, so they're doing their part to provide it. How? Well, have you ever wondered how they come up with the required minimum payment due each month? It's 2% of your total balance due. Realizing that most people don't want to be bogged down in debt for the 13+ years it will take to get out of debt by paying the measly 2% they charge each month, they've decided to raise that amount. So now, instead of your required monthly minimum being 2%, it's going to be 4%. They are doubling the monthly required minimum to help you get out of debt in half the time. Isn't that sweet of them? It's especially nice for those of you who struggle to pay the required monthly minimums where they are.

This so-called "help" from credit card companies may or may not be full of good intentions. But more than likely, it will just make people struggle even more with their debt, making the need for debt relief even greater. They should think about it: If someone who is only paying the required monthly minimum each month has had several late payments, or missed payments altogether, they probably are on the verge of needing some sort of debt relief program. This generally means the credit card companies are going to have to compromise, because more people will be enrolling in debt consolidation programs. This means that professionals from debt management companies will be calling to have them reduce their interest rates and finance charges, remove past fees, etc. And they will have to accept that once their customers are enrolled in debt relief programs, they cannot call and harass them about late or missed payments. (Ah, the magic of a debt relief company!)

Speaking of debt relief companies, you have some choice. There are non-profit debt relief companies, free debt relief companies and Christian debt relief companies. They all provide the same debt relief programs, but the cost is usually less, and Christian debt relief companies provide some spiritual counseling to help you deal with that aspect of your debt if you need it.

So is doubling the monthly minimum really helping anyone? It remains to be seen. What is certain is that all of us can find the debt relief that we need. With all of the variation within debt relief services we can all find one that works for us.

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