by First Rate Debt Solutions
14. August 2009 14:31
If you're one of the thousands of Americans struggling just to make their minimum payments on their credit cards each month, I have bad news. Citibank, MBNA, and Bank of America recently announced that they are raising the minimum monthly payment from 2% to 4% of the outstanding balance. That's double and it may be just enough to send tens of thousands more Americans into serious delinquency. Other major banks are expected to follow suit as well.
So what can you do? The first thing is to figure out if you can continue to make your payments. If not, you need to address the situation immediately. The longer you wait, the more the interest, late fees, and balance will grow.
If you have savings, you may want to take some to pay down the balances but if you are truly cash-strapped and can't make ends meet then a debt settlement or debt management program may be in order. The key to any effective debt program is to be qualified by an expert and then to get into the program before your debt escalates to the point of bankruptcy.
At First Rate Debt Solutions, we have trained experts who will analyze your situation and customize a program to meet your financial goals and budget. Times are tough but there are answers out there for people in trouble. If you need help, give us a call. Toll Free (877) 332-8730.
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