Submitted by Jen Jones on Wed, 01/11/2012 - 8:30pm
We talk a lot about the dangers of using credit cards, the nation’s plastic pariah that contributes to many living beyond their means, causes people to pay incredibly high interest, and in more cases than we care to share, leads a lot of folks to file for bankruptcy. And so for the many thousands of you who were hoping to pay off credit cards quickly and easily as your New Year’s resolution, we have some bad news. Credit is getting easier to get and interest rates are getting even higher in 2012.
According to the consumer information site CreditCards.com, credit card interest rates climbed to record highs last month, reaching an average of 15.22 percent. In fact, a new Huffington Post report says, “The rising rates reflect an ongoing push-and-pull between the people who use credit cards and the companies that distribute and collect on them. With the economy stuck in low gear, and with an increasing number of Americans working low-paying jobs that keep them living paycheck to paycheck, customers appear to be leaning on credit cards more and more.
In 2011, credit card users built up a collective $64 billion in debt -- a sum much greater than in either of the two previous years, according to The Christian Science Monitor. Yet even as Americans continue to swipe more plastic, credit card companies are still trying to attract greater numbers of users, reportedly hoping to make up for revenue lost in the aftermath of the financial crisis, when millions of people lost their jobs and were forced to cut back on spending.” But fast forward to 2012 when unemployment remains high and hopes for a quick economic recovery remain low.
Many Americans are trying to cut corners and reduce everyday spending, only to find their credit cards are keeping them deep in debt…with higher interest threatening them further. By dumping debt through bankruptcy, you can dump the credit card and dump the harassment of creditors and debt collectors. Bankruptcy’s automatic stay is a powerful court order that kicks in as soon as you file your precious bankruptcy papers. In addition to pausing any pending lawsuits, such as foreclosure proceedings, the automatic stay can put a stop to all forms of collection by creditors, including, repossessions, garnishment, lawsuits, and harassing phone calls.
Ultimately, if creditors want to take action against you or your property, they have to get permission from the courts. If you too have been effected by the economy and are wondering how to reduce debt and get back on track, knowing a qualified bankruptcy attorney can also help you to conquer your creditors and face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future beyond our own “Great Recession.” The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-833-627-0115, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.
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