Credit Card Companies are lowering their clients credit limits without any warning. The results of studies conducted b y the Federal Reserve show that about 65% of the credit card companies have done it so far. In Every three months there is continuous rise in percentage of companies following the track. It is a clear indication that they are scared and they see the client as a risk. If you owe them a hundreds of thousands dollars, it is just the perfect time for you to initiate debt settlement deals.
Uncertain economy - Recession is one of the many reasons but it is the most important of all the factors that are responsible for scaring the credit card companies. With increase in percentage of unemployment and redundancy there are no signs of improvement in economy. Continuous rise can be seen in the number on individual as well as large corporate houses filing bankruptcy. People are not able to pay their bills on time.
Tremendous pressure to recover debts - The profit of the credit card companies comprises of the interests they charge their debtors. If your credit balance is too close to the credit limit and you make delayed payment or pay them only the minimum monthly payment they see you as risk. It also indicates that you are on a tight budget. So they are not willing to take any chance with economy to show overnight improvement.
Debt settlement Vs Bankruptcy- Due to recession there is sudden increase in the number of clients making irregular payments or showing incapability to make their credit payments. With their maximum number of clients having the same problem the multi-billion credit card companies too are moving towards bankruptcy.
So they are opting to negotiate with their clients having irregular pattern of payment. Your irregular payment of credit bills shows that you are unable to pay off the entire debt. So they want to recover as much debt as they can to avoid bankruptcy.
Capitalize Now - The country's overall economy is at risk if the financial institutions are in loss. So during this time when there is huge turbulence in global economy, government is feeding money to credit card companies to cover their losses. So they are using this money to save themselves from heavy losses.
If you are finding it difficult to pay your debts your creditors too are not in good position. Credit card companies are scared and they are looking to make debt settlement deals. So don't wait to capitalize else you will miss this excellent opportunity that can lead you to debt relief.
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