Credit Counseling and other Financial News
The big financial firms of Citigroup, Capital One and GE Capital, were raking in interest payments that equaled more than forty percent or so, give or take, of her pretax income, and included thousands more in fees.
We all like to rationalize spending by telling ourselves we work hard, and this or that is what we deserve. The reality is, whether we are in New Jersy or Texas or wherever, it doesn’t matter what we deserve, it only matters what we can afford.
Debt counseling and debt consolidation loans can provide us with a most precious thing—education—and a plan. A good debt counselor will analyze your situation and tailor a customized financial plan for you and roll your debt into one manageable loan. Hopefully, you will end up with one loan with a lower interest rate to pay off your creditors. But it will only be a real solution if you take the education part deadly seriously.
Part of the education piece is understanding how credit works. All in all I can endorse this leading New Jersey credit counseling if you are New Jersey or even nationwide. Morgenson explains that while the details vary in each case for each of our individual debt situations, one thing is consistently true: “the lucrative lending practices of America’s merchants of debt have led millions of Americans — young and old, native and immigrant, affluent and poor — to the brink. More and more, Americans can identify with miners of old: in debt to the company store with little chance of paying up.”
Morgenson adds that adding up what the lenders made off Ms. McLeod over the years tells the story; in 2007, she earned $48,000 before taxes, and her creditors got more than $20,000 in interest from her.
