More and more people are slipping into debt each year. Credit card debt, in particular, has become an epidemic with more than $950 billion tied up in credit card debt across the U.S.
There's a huge misconception that being in debt is a result of being irresponsible. But the truth is that a lot of responsible adults find themselves in this scary position because of unforeseen circumstances completely out of their control. It can feel like there is no way out of debt when you are completely consumed by it, but there is a way with Consolidated Credit.
Consolidated Credit is a certified credit counseling company that will work with you and your creditors to arrange a repayment plan that you can afford that could and allow you to be out of debt in as little as 36 months. On average they help consumers reduce their total credit card repayments by 30-50%. In 27 years, they've helped over 10 million people find relief.
Not only do they help you become debt-free through professional counseling - they also teach you how to stay out of debt. Consolidated Credit understands that we never receive formal financial education and if we did, it would allow us to stay debt-free.
From their 27 years in the business, they know that most debt comes from challenges such as lack of income, emergency expenses, and out-of-pocket medical bills.
Here are some ways people fall into debt and situations that Consolidated Credit can help.
- Medical Bills
When anyone in the family becomes sick or injured it can be a real strain on the whole family, especially if they're the breadwinner. Along with the physical and emotional pain of being ill, you have a huge financial cost that nobody can get away from. It's difficult to prepare for these costs when the illness or injury is sudden, and with the cost of healthcare in the U.S. rising year after year when people can't pay, they turn to credit cards.
2. Student Loans
According to a 2018 report by the Federal Reserve Bank of New York, 44.7 million Americans have student loan debt, amounting to $1.47 trillion as of the end of 2018. Student loans are probably the most relatable and widespread form of debt for Americans. The employment market has become so competitive that a college degree is required for so many more jobs in today's industries, but it's priced at a luxury. Consumers with student loans are often forced to rely on credit cards to cover daily expenses.
3. Job Loss
People can lose their jobs for any reason. With so many industries evolving and companies unable to keep up or change accordingly, employees become redundant. There are so many reasons why people find themselves unemployed but one thing they have in common is the immediate financial situation they find themselves in.
When securing a new job takes longer than expected, a scary debt can quickly build up.
In all three of these cases, Consolidated Credit can help, along with so many other debt situations you may find yourself in.
It's three easy steps;
1. Talk to a Credit Counselor for free
2. Compare your options
3. Enroll and start making one monthly payment
Then, you could be on your way to being debt-free in as little as 36 months.
Consolidated Credit is here to help families end their financial crises and solve money management issues through education and professional counseling. If you're feeling burdened by credit card debt, give them a call today.