Jibby,
How is your friend's experience with Curadebt? Bank of america has tripled my rate for no reason (on my part) and has received two massive bailouts!
How is your friend's experience with Curadebt? Bank of america has tripled my rate for no reason (on my part) and has received two massive bailouts!
I believe credit card debt and easy bank lending in recent past years is the main culprit for this recession... I have a friend with $75,000 worth of credit card debt that he can no longer pay back because he too had to shut down his furniture business and go out of business.... He was considering filing for bancruptcy but decided not too...
The credit card companies are suffering big time right now, because there is really nothing they can do to collect their money owed to them... They can damage your credit rating and keep the debt balance showing for years on your credit reports and that's about it.... Credit card companies usually don't pursue judgements against you in most states, they also cannot harrass you for too long either as you can send a letter saying "don't contact me anymore" and legally they can't, and that includes collection companies hired by the credit card companies themselves....
Also, once you default you can hire a debt consolidation company to assist and negotiate down your total debt with all the creditors..My friend is working with one now called Curadebt, but has to wait three months until all his credit cards go into full collection...At that point the debt consolidation companies can negotiate down the debt with each creditor as much as 60%-70% off the original balance..No interest with very small monthly payments are then agreed upon in writing until the balance is paid off in full.... The kicker is if you agree to this, your credit ratings are not totally destroyed, balances on the credit reports will show them being paid off in full......It's just crazy....
The credit card companies go for this as they know they cannot recieve money back any other way... If they don't agree down the debt balance it basically never gets paid back or even worse bancrupty can be filed and then they lose everything..
Our government and legal systems here in the USA really protects the consumer is so many ways... When my friend explained all this to me I was shocked...
As I said credit card companies have reduced my limits for almost no reason, and I think that is a direct result of many people defaulting on their credit card debts... I also had extremely high limits too..
I am curious as to what the future holds for Credit card companies... We hear alot about home forclosures but not so much about credit card defaulting...