Regardless of the state of the U.S. economy, there are usually people who make poor money management decisions due to a lack of experience in dealing with tangible money issues and possessing intangible expectations of themselves.
Once the irrational exuberance is over and the tangible reality sets in, these families become so overwhelmed with debts that the pain flows through our society like a tidal wave.
The current mortgage industry crisis has caused great pain to many families, from foreclosure to losing jobs. Beside the basic high interest home loan bill, they are also facing the possible problem of "max out" credit cards.
What does a family do when the revenue is the same, home loans are hard to get and credit card debts are mounting higher and higher? Emotional pressure becomes grand especially when the collectors are calling everyday
The best Debt Relief solution for those who possess "max out" credit cards debt could be a rapid refinance to a fixed rate mortgage, second mortgage, or as a last resort a Credit Card Consolidation might enable people to live to pay their bills another day.
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