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Recently released economic indicators for April and May show two trends for consumer credit, both likely linked to rising unemployment and bankruptcy rates. Experts are pointing to the unemployment rate, which rose in May to a 26-year high of 9.4 percent, to explain a drop in consumer debt and a rise in credit card defaults.
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Hope Financial, a leading provider of debt consolidation and credit card debt relief services has issued a consumer advisory alert warning consumers about unsolicited phone calls for debt consolidation services on behalf of Hope Financial.
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More and more people, faced with massive debt from student loans and the urgent need for student loan debt consolidation, are proposing that the government forgive student loan debt in order to help out the average consumer and thereby give a strong boost the the Nation's economy. I think it's a very good idea to forgive student loan debt, and the government ought to consider this issue with student loans very seriously.
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Today's economic downturn shares a variety of factors with recessions of the past, as well as with the Great Depression. One of the most tragic similarities is the increase in the number of suicides, which has been documented in recent news reports and studies of mental health during past periods of economic difficulty. It doesn't have to be that way.
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While news reports continue to forecast rising foreclosure rates, there may be a solution for homeowners who think they’re trapped in a mortgage with no way out. Distressed homeowners already have plenty of legal firepower on their side...they just don’t know it.
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Bankruptcy or insolvency should be the last resort for any borrower. You should explore other options like individual voluntary arrangements, debt consolidation, etc., before filing an application for bankruptcy. If you are debt-ridden but hopeful for the future then there is no need to take such an extreme step by filing for bankruptcy if there are betters way for debt consolidation and relief.
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It’s easy to get caught up in the holiday spirit and spend more than you should. But with the gift giving season behind us and your credit card bill looming, the reality of overspending has likely started to set in. Don’t panic – here are a few helpful tips from LendingTree.com to help ease your holiday debt hangover:
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Many different loans exist to finance debt consolidation, and you need to ensure you obtain a loan best suited for your financial budget. Here are some tips on choosing a debt consolidation loan based on your financial situation
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