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Debt Relief: Consumers
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A decade ago, some consumers may have sought debt relief from small credit card bills by holding their breath and waiting for a charge off. Today, 'default clauses' have been included in the fine print of most credit card bills. These clauses allow lenders to drastically increase interest rates if they notice a recent late payment on a borrower's credit report. Therefore, paying all of your credit card bills on time has never been more important.
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In addition, the debt relief plan may include education on personal financial management. Topics usually covered range from being a smart consumer of credit products, wise budgeting, smart savings practices, and how to handle debt problems. The purpose is to provide information that helps you learn more about financial principles, how they apply to your situation, and ultimately how that might translate into your being able to manage your finances more successfully.
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Charles Helms, president of Consumer Counseling Northwest, sees a lot of people who have been burned by these phony debt relief programs. “It’s horrible,” he says. Because most of them have a large up-front fee, they’ll take anyone who can pay.
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