Helping Consumers with Credit Card Debt

Due to the nature of interest rates of credit cards, credit card debt always has been and always will be a difficult mountain for consumers to climb. Once you get trapped in a significant amount of credit card debt ($10,000+) it can become very hard to climb out of. Moreover, the average interest rate on a typical credit card can range anywhere from 22-25% in today’s credit landscape. Due to these high interest rates it has become difficult for American consumers to make progress on their debt obligations. However, one company is trying to change that by allowing consumers to save money every month and knock down the amount of debt Americans owe on their credit cards. The Debt Relief Company is making waves in the debt relief industry in an effort to provide consumers with credit card debt help. They are trying to take an outdated market which has been notorious for unsavory business practices and rampant neglect of customer service and consumers rights and turn it into an industry that genuinely helps individuals in need.

The main issue with the debt relief industry thus far has been that debt relief companies are much more concerned with profiting from consumers than genuinely helping them become debt free and living a better life. Financial literacy in the United States is in an extremely bad state and The Debt Relief Company aims to change all of this by helping consumers understand complex financial products and personal finance with greater ease. Many US consumers are unaware of how compounding interest works and the actual repayment period on credit card debt if you were only to make a minimum payment. On some credit card accounts (depending on the APR) some repayment periods can take anywhere from 10-25 years if the debtor only makes the minimum payment. This is how many banks and creditors would prefer to keep things. You don’t have to remain in the dark and remain ignorant about the options available to you that will allow you to relieve your debt problems.

The Debt Relief Company wants to level the playing ground and help US consumers in the fight to become more prudent and savvier with their money. It is time consumers stop getting taken of advantage of by banks and other debt relief companies claiming to help them and have their best interest in mind. The DRC Program allows US consumers to save money off the principal amount owed on their debt and since the program is not a loan, consumers will not pay any interest on the debt they enroll. On the other hand, debt relief is not without its drawbacks. Clients that enroll in The DRC program must close out any lines of credit they wish to enroll in the program and doing so will likely have an adverse effect on their credit worthiness. Although, clients should eventually see an improvement and turnaround in their credit worthiness, the rebound will not be instantaneous. Moreover, since paying off debt helps improve a clients' Debt to Income ratio they should eventually become more credit worthy overtime. Almost all debt relief options have associated side effects but depending on your current financial situation these drawbacks may often times be negligible.

One of the main goals of The Debt Relief Company is to help inform consumers about how to avoid creditor confusion and credit card debt in general. Some creditors and banks tend to treat everyone as a number and when consumers fall on hard times or have unexpected hardships arise it can become very difficult to get out of debt. There are tools that can help keep you more informed. Credit Karma provides a free and useful tool for calculating how long it will actually take for you to completely pay down your credit card debt. There are many tools available to US consumers and it is a topic that is often neglected by the general population. If US consumers remain oblivious to the resources available to them and continue to ignore their problems, odds are, our problems with debt and financial literacy will not improve. However, together if we act in unison and help teach each other about how remain financially prosperous we and our economy will all be the better for it.