S&N Debt Settlement (S&N), after reviewing the 2014 Federal Reserve Statistics, acknowledges a growing burden of excessive credit card debt. The latest statistics indicate that Americans have charged nearly $855 billion* to credit cards and that amount seems to be rising.
S&N has asked these compelling questions: how much of this credit card debt can be repaid? And, how long will it take most Americans to repay their credit card debt?
The answer is astonishing, especially if a person pays the minimum due each month. Ready for this? How about decades, meaning 20 to 30 years to pay off the balance on a credit card if only the minimum is paid each month. But what about that minimum: are consumers actually being encouraged to pay the minimum amount each month by the companies that issue credit cards?
S&N’s experience indicates that consumers that pay only the minimum amount each month have been relegated to the category of the “working poor,” and they have very little knowledge about the amount of interest they will pay over the decades to come. The credit card issuers continue to make enticing offers that encourage people to acquire more debt. And like any addiction, it is the consumer who is chastised and often criminalized.
Many consumers—so frustrated and anxious about how high their credit card debt is—have all but given up. One action they can take is to declare bankruptcy, but the stigma of a bankruptcy, not to mention the cost, makes people avoid this option.
There is another course of action, called “debt negotiation and settlement,” which has become a popular choice with many people because it allows them to become debt free in 24 to 36 months.
Nicole Morgan, President of S&N Debt Solutions, said this, “The people who are really suffering through the credit card debt crisis are the ones who can only pay the minimum amount each month. Their lives are at a permanent standstill, because for many, they will never get out of debt. We fundamentally help consumers that are experiencing legitimate financial hardship.”
It is easy to blame those who have overspent on frivolous and unnecessary products and/or services. They certainly have violated some of the sacred laws of financial planning, but should they shoulder all of the responsibility?
Nicole Morgan explained how the program S&N offers stacks-up against bankruptcy or paying the minimum credit card amount for 20 to 30 years. Nicole said this: “The first option, bankruptcy, is certainly an alternative, but the legal costs can often be higher than expected. And the second option, paying over decades, is a form of indentured servitude to the credit card companies.”
About Company:
S&N Debt Solutions is one of the leading unsecured and credit card debt settlement companies in America. Since its inception, S&N has focused on providing its clients with an unparalleled program that allows individuals to pay-off unsecured and credit card balances for negotiated amounts, frequently 50% less than what they owe.
S&N’s mission is to help hard working Americans who have suffered during this financial crisis of high unemployment and lower wages to regain financial independence. http://debtsettlementnegotiations.com/
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