In our last blog post, we discussed how holiday credit card spending - and just spending overall- will be affected by the economic hardships many American consumers continue to face. As many consumers remain unemployed and are filing for bankruptcy at record rates, finding the extra cash for holiday shopping could prove difficult.
With Black Friday right around the corner, American consumers are gearing up for the start of the holiday shopping season. Given the high unemployment, foreclosure and bankruptcy rates, however, many consumers are forced to cut back their holiday spending once again this year. Although the recession is over, Americans are still struggling to make ends meet while dealing with burdensome credit card debt.
In our last blog post, we went over some of the soon-to-be implemented rules created by the Federal Trade Commission (FTC). These rules seek to protect consumers who are seeking debt relief by utilizing the services of debt relief organizations. Today, we will continue to examine the new rules and discuss why using these services is still not always in the consumer's best interests.
The economic downturn has left many Americans saddled with credit card debt with little to no way of paying it back. These stressful situations have led many consumers to turn to debt relief companies which claim to negotiate and settle your debts. Unfortunately, however, many of these companies prey on distressed consumers rather than provide legitimate debt relief.