BusinessWeek: Too Much Debt? Too Bad
The stinger is right here:
So there's a couple of companies to avoid, or balance-transfer away from, if at all possible. But I think the overriding moral of the story is this: "When banks get squeezed, you lose."
Hat-tip for pointing out the article goes to Elizabeth Warren and her post at:
Credit Slips: Credit Squeeze
On an additional note, I find it interesting that Steve Rhode, president of Myvesta.org and sometime radio host, in commenting on Warren's article above, says that:
I'd say that upwards of 70%-80% of DMPs [debt management plans] do not lead to full payments and satisfaction of debt. Many people just pack it in along the way and go bankrupt and other just wander off.
Wow. A failure rate of seventy percent or more? That's downright nasty.
One thing's certain: If you're a consumer who's carrying wheelbarrows of debt, the pressures of repayment can mount quickly. And if you turn to them, debt-management plans may not be able to offer the amount of help that they once could.
Labels: Bankruptcy, Credit Cards, Debt