The National Association for Business Economics conducted a survey recently. Reports obtained from the survey, indicated that subprime loan defaults coupled with excessive indebtedness have proved to be an immediate threat for the economy in the United States of America. This is eventually leading to the recession, which the country is reeling under.
US debt facts (March 2008)-
In 1968, total credit card debt of consumers was USD$8 billion as per current value of dollar. As of March 2008, the figure skyrocketed to a whopping USD$880 billion and is still rising. The Federal Government has incurred approximately USD$59.1 trillion in liabilities. This is roughly equivalent to USD$516,000 per household in USA.
Combat your debts-
Just as the incidence of loan defaults are on the rise, methods to counteract them are also gaining great prominence. Among them, debt consolidation has been a proven method of helping debtors get out of debt.
Prior to taking the actual plunge of consolidating his debts, a debtor can take assistance from a free debt counseling session. A debtor can also avail the services of a debt consolidation company. The debt consolidation companies not only guide debtors through the entire debt consolidation program but also prepare them to handle their debts more efficiently in future. A debtor in the US can opt for a wide range of available debt solutions.
Debt collection is a constituent part of Consumer Credit Protection Act. There have been several instances when debtors were harassed by collection agencies. To safeguard the rights of a consumer, the FDCPA has been enacted, which may be referred to should the need arise.
To report irregularities related to debt collection and lending activities in the different states of US, one may file a complaint with the Attorney General of the respective states. To contact the Attorney General of various states, click here.
