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Rising Mortgage Rates Drive Debtors To Seek Alternatives - Almost 20 percent of mortgage loans nationwide are delinquent or in foreclosure, up from 10 percent in 2004 and 2005, according to CNNMoney. Some financial analysts do not expect a turnaround before 2009 - CreditSolutions.com
Rising Mortgage Rates Drive Debtors To Seek Alternatives

 

NewswireToday - /newswire/ - Dallas, TX, United States, 2007/08/16 - Almost 20 percent of mortgage loans nationwide are delinquent or in foreclosure, up from 10 percent in 2004 and 2005, according to CNNMoney. Some financial analysts do not expect a turnaround before 2009 - CreditSolutions.com.

   
 
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Credit Solutions is offering assistance to the thousands of consumers caught in the credit debt crisis, allowing them a way to living debt free. Consumers debt continues to rise, foreclosures nationwide are increasing, while the stock market is dropping. America’s massive consumer debt grows daily and many are seeking alternate services to reduce their debt and regain control of their lives. CNNMoney.com reports the average American household has $9,200 in credit card debt alone.

The rising interest rates on mortgage loans are forcing an increased number of foreclosures. Lenders are tightening mortgage terms and many are removing subprime loans from the marketplace. Subprime mortgages, or mortgages given to candidates with blemished credit reports, are much riskier loans for lenders. At the end of 2006, 17.9 percent of subprime loans were 30 days delinquent or in foreclosure and that number has risen to 19 percent this year. This change has some subprime lenders across the country filing for bankruptcy protection and others tightening lending terms.

Consumers burdened with a large amount of debt are seeking other solutions to reorganize their finances and eliminate their debts. The current economy is hurting some consumers and decreasing their credit ratings. They can only begin repairing their credit score once they remove their poor credit history. Once a credit score is repaired, loans with better prospects are made available to former debtors.

Credit Solutions provides its clients with an alternative to traditional means of debt management, such as bankruptcy or debt consolidation, which can tarnish a credit report and increase the time to recover financially. As a leader in the debt-settlement industry, Credit Solutions has managed over $1.2 billion worth of debt and that experience provides clients a manageable way to begin living debt free.

“Our debt-reduction service offers consumers a solution to their debt problems and a means to living debt free,” said Credit Solutions CEO, Matt Reivitt. “People in debt often cannot envision a life without debt, but we help them see a better future by offering them an effective and efficient debt solution,” he said.

Credit Solutions, which recently celebrated four years in business, has grown from a four-person team to more than 700 employees. The company’s growth shows its successful record in helping more than 70,000 families begin living debt free. These families now can regain good credit standing and enjoy a life free from debt.

Credit Solutions (creditsolutions.com) is a member of the Greater Dallas Chamber of Commerce, the American Bankers Association and the United States Organizations for Bankruptcy Alternatives (USOBA). It recently received the prestigious J.D. Power and Associates (jdpower.com) recognition for “An Outstanding Customer Service Experience” for their national call center operations.

 
 
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Written by / Agency / Source: Credit Solutions

 
 

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Rising Mortgage Rates Drive Debtors To Seek Alternatives

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Publisher Contact: Heath Tudor - CreditSolutions.com 
941-468-2453 htudor[.]creditsolutions.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Credit Solutions securities in any jurisdiction including any other companies listed or named in this release.

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