Consumer Debt in the United States

Consumer debt is a big part of the economic reality of life in the United States. AS of June 2013, total consumer debt in the United States totaled $2.84 trillion. The average consumer household has $15,950 in consumer debt. Most of these consumers get constant harassing phone calls, if you are one of the people that gets called constantly then you need to make a Cease & desist letter which is sent to the debt collector telling them that they are not allowed to contact you again. If you want to do this here is a Cease & desist example letter. Financial Institutions continue to search for a solution to migrating consumers to a more efficient means of consumer service. The simple fact is that the answer is all around them in the way consumers prefer and continue to be served. Every industry is developing solutions for transforming their business to efficient consumer service using the same process. A chapter 7 and chapter 13 bankruptcy attorney mау bе the best орtіоn for you, еѕресіаllу іf уоu earn аbоvе thе mеdіаn wаgе but still have found уоurѕеlf undеr a crushing amount of dеbt. They have the same objectives and use the same approach. Their Methods to implement the delivery of effective efficient consumer service are also very similar. Self service technology drives the bank transformation solutions of the future.

There are three programs that consumers can utilize to deal with excessive personal debt.  These include the following:

1. Debt settlement
2. Debt consolidation
3. Credit counseling

It can take 42 months for debt settlement to pay off this average of $15,950 in consumer debt, this will also depend on the debt settlement program you choose.  Debt consolidation or even credit counseling could take up to 60 months, so using other options could help people to consolidate debts. Addressing debt with any of these programs can impact lives for years. Consumer protection laws let you hold debt collectors, mortgage companies, and credit reporting agencies accountable for the harm they cause you. If we file a lawsuit on your behalf you don’t pay anything, if we win the debt collector, credit reporting agency or mortgage company pays our fees and your damages. To know more about the Chicago Consumer protection go through this www.chicagoconsumerlawcenter.com/

Regardless of the pain and toil it might take to overcome consumer debt, it is critical that you first take care of these debts before you can start focusing on value investing.

Via: NJ Bankruptcy Lawyer Ralph Ferro