Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Credit Counseling - Get in Line Now to Avoid the Upcoming Rush


Credit counseling is a valuable service for consumers who have trouble managing their finances. A distinctly different service from debt consolidation, credit counseling assists consumers with problem debt by educating them about the basics of money management. Americans really don't get the education they need about how to manage bank accounts, balance checkbooks, or pay bills on time, and credit counseling can provide these services as well as others. By educating consumers, counselors hope to reduce the number of debtors who are forced to file for bankruptcy. Anyone whose financial situation is such that they would benefit from credit counseling may wish to seek it out in a hurry, however. A number of different factors are coming together in such a way that the counseling industry may soon be completely swamped with more clients than it can handle.

Recently passed bankruptcy legislation, designed to reduce the number of consumer bankruptcy filings, will now make credit counseling mandatory as a prerequisite for a bankruptcy petition. Anyone who wishes to file for bankruptcy relief must first demonstrate that he or she has undergone credit counseling during the past six months. By requiring counseling as a condition of debt relief, Congress hopes to reduce or eliminate repeat filers. The counseling industry is preparing for the additional customers now, as the new law is set to take effect in October 2005.

Other factors will weigh heavily on the counseling industry, however. A 2003 law passed by Congress requires credit card companies to raise their minimum payments so that their customers can repay their balances more quickly. This has resulted in the near-doubling of minimum payments, and the average American household, which has a credit card balance of $10,000, will see their minimum monthly payment rise from $200 to $400. Since many households can only afford the minimum payment now, the hike in the minimum due may drive more Americans into counseling and bankruptcy.

The increased reliance upon interest-only mortgages and low-interest adjustable rate mortgages could be a factor, too, if home prices either fall or fail to increase as they have. The sky-high prices in many markets have led homebuyers to purchase more homes than they can really afford, often using mortgages that are themselves riskier than the traditional 30-year loan. Should interest rates rise or housing prices fall, tens of thousands of homeowners will find themselves with loans that either exceed the value of the home or are unaffordable.

Those in the credit counseling industry say that this is a critical time, and the combination of new laws, fragile markets, and credit card industry overhaul could push a number of consumers towards bankruptcy and mandatory counseling. Anyone with problem debt who might benefit from counseling should consider doing so sooner, rather than later, as qualified credit counselors may be quite busy this fall.

Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to personal bankruptcy, debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans.


MORE RESOURCES:

Copywriting - Google News

This RSS feed URL is deprecated

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Why South Korea's Biggest Auto Brand, Isn't Advertising Cars At Its ... - Forbes


Forbes

Why South Korea's Biggest Auto Brand, Isn't Advertising Cars At Its ...
Forbes
This year, consumers across South Korea (and parts of the U.S. and Europe) will finally be able to buy the Hyundai Nexo, the company's latest hydrogen fuel cell vehicle (FCEV) that also possesses some self-driving capabilities. But any of the Nexo's ...

and more »

The Wikipedia Test for Content Marketing - Business 2 Community


The Wikipedia Test for Content Marketing
Business 2 Community
Copywriters sometimes assume that customers already understand the product – but usually, they don't. Good content marketing educates the customer. To see the difference between “marketing fluff” and clear expository copywriting, compare a marketing ...

Geiger Marketing recognized - Lewiston Sun Journal


Lewiston Sun Journal

Geiger Marketing recognized
Lewiston Sun Journal
Geiger's marketing team, based in Lewiston, was presented with four Pyramid Awards at this year's Promotional Products Association International Expo in Las Vegas. The award-winning campaigns feature the effective use of promotional products, packaging ...

Build A Brand People Will Love With This One Trick - Forbes


Forbes

Build A Brand People Will Love With This One Trick
Forbes
To achieve this, according to copywriter Laura Belgray, you need to infuse your personality into your marketing. It's not enough to use traditional marketing to advertise your business. Don't expect your product to instantly draw undying interest and ...

Social Media Account Manager - Pedestrian TV


Pedestrian TV

Social Media Account Manager
Pedestrian TV
A boutique communications agency seeks a creative, enthusiastic and innovative professional to collaborate on social media campaigns and projects. This is a hybrid role providing hands-on experience and potential to grow with the business. We are ...

and more »

Copywriter - Pedestrian TV


Pedestrian TV

Copywriter
Pedestrian TV
A boutique communications agency seeks a copywriting professional with an interest in real estate, architecture and lifestyle content. This hybrid role includes preparing descriptive advertising copy for homes that will be sold by private sale and ...

Will Alexa be the saviour of the copywriting industry? - The Drum


The Drum

Will Alexa be the saviour of the copywriting industry?
The Drum
If that is really the case, it's going to be a boom time for experienced copywriters – a welcome development given the recent history of the industry. While the growth in content marketing created a greater demand for copywriters, the value of their ...

$600 Fraud? Fake ICO White Papers Are Drawing Scrutiny - CoinDesk


CoinDesk

$600 Fraud? Fake ICO White Papers Are Drawing Scrutiny
CoinDesk
Months after China's clampdown on initial coin offerings (ICOs), professional copywriters are still offering white paper services that may include fabricating information, reports suggest. The People's Bank of China notably banned domestic ICOs in ...

and more »

If you love words, you shouldn't hate a word count - The Drum


The Drum

If you love words, you shouldn't hate a word count
The Drum
Copywriters are no exception. Yes, a good portion of the day may be spent tossing out award-bait headlines from the languid sway of our office hammock. But the job isn't all inspiration naps and indoor smoking. Classified very much in the 'nuts and ...

LargeFriends.com - the best dating site for plus-sized singles!
SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

PreLaunchX

PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

© www.PrimeNews.biz - 2012

home | site map | links