Credit Card Debt Reduction Programs

Credit Card Debt Reduction Programs

We here at Debt Relief Freedom don't offer any credit card debt reduction programs, but we do offer information to educate you about all the credit card debt reduction programs available today.

A Little History...

Twenty-five years ago, if you had a lot of credit card debt you couldn't pay, you might eventually be forced to file for bankruptcy. Back then, credit card debt reduction programs didn't exist. But now they do, and there are different even credit card debt reduction programs for different debt situations:

• There are credit card debt reduction programs for homeowners called debt consolidation mortgages.
• There are credit card debt reduction programs for people who have collateral called debt consolidation loans.
• There are credit card debt reduction programs for people who have a fair amount of money saved up called debt settlement.
• And there are even credit card debt reduction programs for people who don't have any of that stuff called debt consolidation.

These programs are so effective that Congress now requires anyone who wants to file for bankruptcy to go through a credit card debt reduction program first. Now that's a ringing endorsement!

The Value of Credit Card Debt Reduction Programs

The average American household owes $9,312 in credit card debt. Assuming an average interest rate of 14% (which is low) and assuming they only pay the required minimum each month (now up to 4% of the balance instead of 2%) it would take 13 years to pay off that debt--and that's if they stop using the cards. That means that they paid $3,778.81 on this balance in interest, which means they paid back a grand total $13,090.81. Whereas, if they had enrolled in a credit card debt reduction program, they could have lowered those interest rates and got out of debt in five years.

About Us | Contact Us | Site Map | What's New | View as RSS